Companies

Update: Medellin City Council Reverses Planned Sale of EPM’s 50% Stake in UNE

Medellin Herald September 20, 2022

The Medellin City Council on September 29 decided to reverse an earlier vote that would have approved the sale of city-owned utility EPM’s 50% stake in telecom-internet giant UNE to Millicom Spain, which holds the other 49.9% of shares. Following an earlier provisional vote to approve the sale,

Politics

EPM Claims New Hidroituango Contract Amendments ‘Transparent’ Despite Insinuations of Mayor Quintero Corruption

Medellin Herald September 20, 2022

Medellin’s city-owned EPM utility claimed in a September 19 filing with Colombia’s Superfinanciera oversight agency that an investigative report published September 18 in the local El Colombiano newspaper — citing potentially corrupt Hidroituango contract manipulation – ought not to be considered as accurate. The El Colombiano report reveals that EPM

Companies

Odinsa Inks Huge Highway-Concessions Alliance with Macquarie

Medellin Herald September 2, 2022

Medellin-based highway/airport concessionaire Odinsa – a division of cement, electric-power and concessions conglomerate Grupo Argos – announced this morning (September 2) a strategic alliance with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) and its affiliate Macquarie Infrastructure Partners-V (MIP-V). According to Odinsa,

Companies

Grupo Imsa First-Half 2022 Profits Jump 136% Year-on-Year

Medellin Herald September 1, 2022

Medellin-based multinational Grupo Imsa – a spinoff last November from Medellin-based paints, chemicals and hardware multinational Grupo Orbis, the latter now part of global chemicals giant AkzoNobel – on August 31 posted a second quarter (2Q) 2022 net profit of COP$2.24 billion (US$501,000), while first-half (1H) net profits soared 136% year-on-year, to COP$13.437 billion

Companies

Antioquia Gold Posts 2Q 2022 Net Profit, Reversing Net Loss in 2Q 2021

Medellin Herald August 29, 2022

Vancouver, Canada-based Antioquia Gold on August 26 announced a second quarter (2Q) 2022 net profit of CAD$474,000 (US$364,500), a big improvement over the CAD$2.6 million (US$2 million) net loss for 2Q 2021. Revenues from the company’s sole asset – its Cisneros, Antioquia mining operations — nearly doubled year-on-year, to CAD$30.5 million (US$23 million), while

Companies

Conconcreto 2Q 2022 Net Income Rises 14% Year-on-Year

Medellin Herald August 18, 2022

Medellin-based multinational construction giant Conconcreto announced August 17 that its second quarter (2Q) 2022 net income rose 14% year-on-year, to COP$47 billion (US$10.7 million). Revenues jumped 67% year-on-year, to COP$528 billion (US$120 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 21%, to COP$79.5 billion (US$18

Colombian economy

Petro, Colombia’s Business Sectors: Economic Goals Similar, but Smart Pathways Must Emerge

Medellin Herald August 16, 2022

Colombia’s new President Gustavo Petro and Colombia’s business trade associations are publicly endorsing broad goals for boosting economic growth, improving the lot of poorer populations, cutting income inequality and moving toward a “greener” future. But the national tax proposal put forward by Petro and his Finance Minister this month ironically might only help the poor

Companies

Grupo Argos 2Q Net Income Rises 5% Year-on-Year

Medellin Herald August 13, 2022

Medellin-based multinational cement, electric power, highways/airport concessionaire and real-estate giant Grupo Argos announced August 12 that its second quarter (2Q) consolidated net income rose 5% year-on-year, to COP$411 billion (US$98.7 million). Revenues jumped 46% year-on-year, to COP$5.9 trillion (US$1.4 billion), while earnings before interest, taxes, depreciation

Companies

Grupo Sura 2Q 2022 Net Income Jumps 30.7% Year-on Year

Medellin Herald August 13, 2022

Medellin-based multinational insurance, health care and asset-management group Grupo Sura announced August 12 that its second quarter (2Q) 2022 net income rose 30.7% year-on-year, to COP$603 billion (US$145 million) – its best quarterly performance in seven years. Total revenues likewise rose 23%, to COP$7.5 trillion (US$1.8 billion), an all-time quarterly record,

Companies

Grupo Orbis 1H 2022 Net Profit Dips Year-on-Year

Medellin Herald August 13, 2022

Medellin-based paints, chemicals and hardware multinational Grupo Orbis – now a division of Netherlands-based AkzoNobel – on August 12 reported a first-half (1H) 2022 net profit of COP$19.3 billion (US$4.6 million), down from COP$22.9 billion (US$5.5 million) in 1H 2021. Gross income was basically flat year-on-year, at COP$897 billion (US$215 million), according to