Companies

Bancolombia 4Q 2022 Net Income Jumps 66% Year-on-Year

Medellin Herald February 24, 2023

Medellin-based multinational banking giant Bancolombia announced February 24 that its fourth-quarter (4Q) 2022 net income rose 66% year-on-year, to COP$6.8 trillion (US$1.4 billion). Gross loans increased 22.5% year-on-year, or 14.6% when excluding depreciation of the Colombian peso (COP)

Companies

Celsia Full-Year 2022 Net Income Drops 18.7% Year-on-Year

Medellin Herald February 22, 2023

Medellin-based electric power giant Celsia – a division of Grupo Argos – on February 21 announced an 18.7% year-on-year decline in 2022 net income –at COP$442.8 billion (US$89.6 million), versus COP$544 billion (US$110 million) in 2021. Gross revenues rose 36% year-on-year, to COP$5.58 trillion (US$1.13 billion) in 2022, versus COP$4.1 trillion (US$830 million) in

Companies

Cementos Argos Full-Year 2022 Profits Drop 59% Year-on-Year

Medellin Herald February 21, 2023

Medellin-based multinational cement/concrete giant Cementos Argos – a division of Grupo Argos – announced February 21 that its full-year 2022 profits fell 59% year-on-year, to COP$215 billion (US$33 million), from COP$524 billion (US$115 million) in 2021. Gross revenues rose 19%, to COP$11.7 trillion (US$2.37 billion), up 23% year-on-year, compared to COP$9.8 trillion

Companies

Mineros Full-Year 2022 Net Income Drops 88% Year-on-Year

Medellin Herald February 21, 2023

Medellin-based multinational gold miner Mineros SA announced February 20 that its full-year 2022 net income fell 88% year-on-year, to COP$19 billion (US$3.8 million), from COP$$162 billion (US$32.6 million) in 2021. “The net result was significantly impacted by COP$196 billion [US$39.5 million] of asset impairment expenses, mainly on the Gualcamayo mine property in

Health & Insurance.

Colombia Health System Faces Chaos, Corruption, Delays, Huge Costs Under President Petro’s Government-Monopoly ‘Reform’ Proposal

Medellin Herald February 15, 2023

Colombia President Gustavo Petro and his Health Minister Carolina Corcho on February 13 unveiled a massive national health system “reform” proposal that is already setting off alarm bells in Congress, among health-system providers, health insurance networks, insurance buyers and future patients. According to the proposal – now facing weeks of debate in Colombia’s

General News

Air Europa to Launch Medellin-Madrid Nonstop Service in June

Medellin Herald January 5, 2023

Spain-based Grupo Globalia announced January 4 that its Air Europa airline subsidiary will launch three-times-a-week nonstop service between Medellin and Madrid starting June 1. The company will employ new Boeing 787-9 “Dreamliner” jets, which can cut 40 minutes off flying time compared to competing jets on the same routes, according to Globalia. Service to and […]

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, on September 29 some Council members stated […]

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