Companies

Éxito’s Main Shareholder Unveils Huge Stock-Spinoff Plan to U.S., Brazil, Colombia Investors

Medellin Herald June 9, 2022

Medellin-based multinational supermarket and dry-goods retailer Éxito and its principal Brazilian shareholder GPA simultaneously announced September 5 that GPA soon will offer 83% of its shares in Éxito to more than 50,000 current GPA shareholders. The deal ultimately means that tens of

Economy & Finance

Colombians Working Abroad Sent US$1.5 Billion to Families in Antioquia in 2021

Medellin Herald June 3, 2022

A new report just issued by Medellin-based retail trade group Fenalco Antioquia finds that Colombians working abroad — mainly in the U.S. and Europe — sent a record US$1.52 billion back to their families here during 2021, boosting the post-Covid-pandemic economic recovery. Citing statistics from Colombia’s Banco de la Republica, Fenalco found that Antioquians

Editorial

Rodolfo Hernandez Stuns Pollsters; Simple Math Indicates He’s Likely to Win Presidency

Medellin Herald May 30, 2022

Defying pollsters and traditional punsters, former Bucaramanga Mayor Rodolfo Hernandez soundly beat favored contender and former Medellin Mayor Federico Gutierrez in the first-round Colombian national elections May 29 — hence pitting Hernandez against stagnating socialist Gustavo Petro in the final round June 19. With 100% of the votes now counted, Petro yesterday

Companies

Grupo Orbis 1Q 2022 Net Income Jumps 30% Year-on-Year

Medellin Herald May 24, 2022

Medellin-based paints, chemicals and hardware giant Grupo Orbis – which last month finally became 100% owned by Amsterdam-based Akzo Nobel – announced May 13 that its first quarter (1Q) 2022 net income rose 30%, to COP$7.6 billion (US$1.9 million). “Grupo Orbis companies start the year with positive results that integrate the efforts in our commercial […]

Companies

Grupo Sura 1Q 2022 Net Income Jumps 109% Year-on-Year

Medellin Herald May 14, 2022

Medellin-based multinational health, insurance and financial services giant Grupo Sura announced May 13 that its consolidated net income for first quarter (1Q) 2022 rose 109% year-on-year, to COP$442 billion (US$113 million), Consolidated revenues likewise rose 25% year-on-year, to COP$6.9 trillion (US$1.76 billion), according to the company. “This level of results was

Companies

Grupo Argos 1Q 2022 Net Income Jumps 65% Year-on-Year

Medellin Herald May 13, 2022

Medellin-based cement, electric-power, real-estate and airport/highways conglomerate Grupo Argos announced May 12 that its first quarter (1Q) 2022 net income rose 65% year-on-year, to COP$315 billion (US$77 million). Earnings before interest, taxes, depreciation and amortization (EBITDA rose 28%, to COP$1.2 trillion (US$293 million), while revenues rose 23.6%, to COP$4.6

Companies

Enka Colombia 1Q 2022 Net Income Steady Year-on-Year

Medellin Herald May 13, 2022

Medellin-based textiles and plastics-recycling specialist Enka Colombia announced today (May 13) that its first quarter (1Q) consolidated net income was essentially flat year-on-year, at COP$13.79 billion (US$3.35 million), versus COP$13.78 billion (US$3.35 million) in 1Q 2021. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) dipped

Companies

GCM Mining (nee Gran Colombia Gold) 1Q 2022 Profits Decline Year-on-Year

Medellin Herald May 13, 2022

Toronto-based GCM Mining announced May 12 that its first quarter (1Q) 2022 adjusted net income fell to US$14.8 million, from US$21.9 million in 1Q 2021. “Net earnings in the first quarter 2021 included the benefit of a US$56.9 million gain on loss of control of Aris, a US$42.8 million gain on financial instruments and a […]

Companies

Construcciones El Condor Posts COP$9.4 Billion Net Loss for 1Q 2022

Medellin Herald May 13, 2022

Medellin-based construction giant Construcciones El Condor on May 13 posted a COP$9.4 billion (US$2.28 million) net loss for first quarter (1Q) 2022, an improvement over the COP$51 billion (US$12.4 million) net loss in 1Q 2021. Gross revenues were nearly flat year-on-year, at COP$164 billion (US$40 million) in 1Q 2022 versus COP$165 billion (US$40.1 million) in […]

Companies

Conconcreto 1Q 2022 Profits Jump 76% Year-on-Year

Medellin Herald May 13, 2022

Medellin-based construction giant Conconcreto announced May 13 that its first quarter (1Q) net income rose 76.8% year-on-year, to COP$22 billion (US$5.3 million), from COP$12.6 billion (US$3.06 million) in 1Q 2021. Gross revenues rose 70%, to COP$237 billion (US$57.6 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 31.8%, to