Companies

Cementos Argos 1Q 2022 Profits Fall 60% Year-on-Year

Medellin Herald May 10, 2022

Medellin-based multinational cement/concrete giant Cementos Argos announced May 9 that its first quarter (1Q) net income dropped 60.6% year-on-year, to COP$55 billion (US$13.46 million). Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped 17.8%, to

Companies

Mineros 1Q 2022 Profits Decline Year-on-Year

Medellin Herald May 10, 2022

Medellin-based multinational gold miner Mineros SA announced May 9 that its first quarter (1Q) profits fell to US$10.47 million, from US$13.77 million in 1Q 2021. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also dipped to US$41 million, from US$45 million in 1Q 2021. Revenues dipped 1% year-on-year, to US$124.7 million, although the

Editorial

Colombian Drug-Policy Experts: Legalizing Cocaine Would Only Make Matters Worse

Medellin Herald May 6, 2022

A sometimes-popular belief that just legalizing cocaine would eliminate Colombia’s bloody wars among violent gangs (and their left-wing or right-wing extremist allies) – while providing a policy alternative to the Colombian government’s flawed attempts to corral the trade — is pure nonsense, according to a remarkable Brookings Institution publication quoting

Companies

Fabricato Posts Historically Profitable 1Q 2022, Best in 8 Years

Medellin Herald May 6, 2022

Medellin-based textile/clothing giant Fabricato announced May 5 that its first quarter (1Q) 2022 net income jumped to COP$5.9 billion (US$1.45 million), a big year-on-year improvement over the COP$2.4 billion (US$590,000) net loss in 1Q 2021 — and the best 1Q result in eight years. Textile sales also jumped 40% year-on-year, to COP$126 billion (US$31 million), […]

Companies

ISA 1Q 2022 Net Income Falls 15% Year-on-Year

Medellin Herald May 5, 2022

Medellin-based multinational electric-power-transmission builder-operator, highways concessionaire and telecom services provider ISA announced May 4 that its first quarter (1Q) 2022 net income fell 15% year-on-year, to COP$431 billion (US$105 million). The company blamed the profit decline “mainly due to higher financial expenses caused by higher inflation levels, mainly

Companies

Celsia 1Q 2022 Profits Jump 43% Year-on-Year

Medellin Herald May 5, 2022

Medellin-based multinational electric-power generator Celsia announced May 4 that its first quarter (1Q) net income rose 43% year-on-year, to COP$166 billion (US$40.4 million). Revenues also rose 33.6%, to COP$1.3 trillion (US$317 million), while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 35%, to COP$455 billion (US$108

Medellin + Antioquia news

Hidroituango’s Collapsed ‘GAD’ Diversion Tunnel Closed Permanently, Bringing Huge Relief

Medellin Herald May 4, 2022

EPM announced this morning (May 4) that — following years of efforts – engineers have finally achieved permanent closure of a problematic auxiliary diversion tunnel (“GAD” in Spanish initials) that collapsed in 2018 and subsequently threatened to destroy the US$5 billion “Hidroituango” hydroelectric project here in Antioquia. “This is a milestone for the stability of

Companies

Exito 1Q 2022 Net Income Dips 24% Year-on-Year, but EBITDA Rises

Medellin Herald May 4, 2022

Medellin-based multinational supermarket and dry-goods retailer Grupo Exito announced May 3 that its first quarter (1Q) 2022 net income dropped 24% year-on-year, to COP$64 billion (US$15.9 million), from COP$85 billion (US$21 million) in 1Q 2021. However, sales actually rose 22% year-on-year, to COP$4.37 trillion (US$1.08 billion), while recurring earnings before interest,

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 Venezuelans — but facing potential reversals from upcoming elections.

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