Economy & Finance

International Monetary Fund Praises Colombia’s ‘Very Strong’ Social-Economic Policies

Medellin Herald May 3, 2022

The International Monetary Fund (IMF) on May 2 unveiled a new report finding that the Colombian government continues to exercise sound economic, social and fiscal policies – even in the face of the Covid-19 pandemic, its unavoidable economic consequences, massive influx of millions of desperate

Companies

Nutresa 1Q 2022 Net Income Jumps 28.7% Year-on-Year

Medellin Herald April 30, 2022

Medellin-based multinational foods giant Grupo Nutresa announced April 29 that its first quarter (1Q) 2022 net income rose 28.7% year-on-year, to COP$295 billion (US$74.6 million). Sales likewise jumped 27% year-on-year, to COP$3.6 trillion (US$910 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17.8%, to COP$468 billion (US$118

Companies

Cemex LatAm 1Q 2022 Profits Soar 324% on Sales of Costa Rica, El Salvador Assets

Medellin Herald April 28, 2022

Colombia-based Cemex LatAm Holdings announced today (April 28) that its first quarter (1Q) 2022 net income jumped 324% year-on-year, to US$16 million, from US$3.8 million in 1Q 2021 – following a US$$335 million gain from the sale of Costa Rica and El Salvador assets. Revenues also rose 8%, to US$208 million, but operating earnings before […]

Companies

EPM 1Q 2022 Net Income Jumps 46% Year-on-Year

Medellin Herald April 27, 2022

Medellin-based multinational electric-power and utilities giant EPM announced April 26 that its first quarter (1Q) net income rose 46% year-on-year, to COP$1.2 trillion (US$302 million). Revenues likewise rose 31% year-on-year to COP$7.3 trillion (US$1.84 billion) “thanks to higher energy sales and higher consumption of electricity, gas and water services, as a result of

Health & Insurance.

Colombia to Ease Covid-19 Mask Mandate in Ventilated Areas Starting May 1, 2022

Medellin Herald April 25, 2022

Colombia President Ivan Duque and Health Minister Fernando Ruiz jointly announced this morning (April 25) that the face-mask mandate aiming to stifle  the spread of Covid-19 will ease starting May 1, 2022 – but only in well-ventilated areas where at least 70% of the local population has gotten at least two vaccine doses and 40% […]

Infrastructure

Long-Awaited Puerto Antioquia Construction Begins, Start-up Seen in 2025

Medellin Herald April 23, 2022

Colombia President Ivan Duque and Antioquia Governor Anibal Gaviria jointly announced today (April 23) at a dedication ceremony that the long-awaited “Puerto Antioquia” ocean-freight port linking Medellin and other major Colombia cities to the Atlantic is now starting construction and due for start-up in 2025. “Puerto Antioquia is an historic megaproject that will allow us

Companies

Compañía de Empaques Net Income Jumps 59% Year-on-Year

Medellin Herald April 3, 2022

Medellin-based natural-fibers and consumer/industrial/agricultural-packaging specialist Compañía de Empaques revealed April 1 that its full-year 2021 net income rose 59% year-on-year, to COP$32 billion (US$8.5 million). Sales in 2021 also rose 29%, to COP$613 billlion (US$164 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose

Companies

GCM Mining (nee Gran Colombia Gold) Posts US$180 Million Net Profit for 2021

Medellin Herald April 1, 2022

Toronto-based GCM Mining (formerly known as Gran Colombia Gold, with principal operations in Antioquia) announced March 31 that its full-year 2021 net income rose to US$180 million, up from a US$27 million net loss in 2020. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 2021 slipped year-on-year, to US$171.6 million, from US$187.8

Companies

Valores Industriales 2021 Profits Jump on Grupo Familia Stock Sale; Brinsa Shareholdings Rise to 31%

Medellin Herald April 1, 2022

Medellin-based Valores Industriales – an investment group dealing mainly in real-estate, forestry products and industrial/commercial operators including Medellin-based salt/chemicals giant Brinsa SA – announced March 31 that full-year 2021 profits jumped to COP$59 billion (US$15.7 million), up from COP$14.7 billion (US$3.9 million) in 2020. The big jump in profits came

Editorial

Presidential Candidate Gustavo Petro: Taking Colombia Back to the USSR

Medellin Herald March 27, 2022

Socialist-populist Colombian presidential candidate and former M-19 guerrilla Gustavo Petro last week released a 54-page campaign platform and governance program that points to: While leading Colombian economists now sarcastically term the Petro political program as “delirious,” it could just-as-well remind people of The Beatles’ sardonic 1968 pop hit, “Back