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

Health & Insurance.

Covid-19 Vaccinations Top 80 Million Here; 34.6 Million Fully Vaccinated

Medellin Herald March 25, 2022

Colombia’s Health Ministry revealed today (March 25) that nationwide vaccinations against Covid-19 have now totaled 80.2 million, with 34.6 million people now fully vaccinated. Meanwhile, intensive care unit (ICU) occupation caused by Covid-19 cases has plummeted, enabling many more Colombians to have rapid access for other medical cases. Of Colombia’s total 10,789 ICU

Companies

Industrias Estra 2021 Net Loss Blamed on Feedstock Cost Inflation, National Strike

Medellin Herald March 25, 2022

Medellin-based industrial/consumer plastics-ware producer Industrias Estra announced March 24 a net loss of COP$1.96 billion (US$516,000) for full-year 2021, worse than the COP$1.4 billion (US$369,000) net loss in 2020. Gross revenues however actually rose year-on-year, to COP$86 billion (US$22.7 million), from COP$70 billion (US$18 million) in 2020, according to the

Companies

Isagen Full-Year 2021 Profits Rise 5% Year-on-Year

Medellin Herald March 25, 2022

Medellin-based electric power giant Isagen announced March 24 that its full-year 2021 net income rose 5% year-on-year, to COP$523 billion (US$138 million). Gross revenues rose 8% year-on-year, to COP$3.48 trillion (US$917 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 25% year-on-year, to COP$$2.27 trillion (US$598 million),

Companies

Protección Full-Year 2021 Profits Dip Year-on-Year

Medellin Herald March 24, 2022

Medellin-based pension-funds manager Protección announced that its full-year 2021 net income dipped to COP$276 billion (US$72.6 million), down from COP$291 billion (US$76.5 million) in 2020. Gross income nevertheless actually rose year-on-year, to COP$1.15 trillion (US$302 million) in 2021 versus COP$1.1 trillion (US$289 million) in 2020. Commenting on the dip in

Companies

UNE-EPM Full-Year 2021 Net Losses Worsen Year-on-Year

Medellin Herald March 24, 2022

Medellin-based telecom/internet/cable-TV giant UNE-EPM – a joint venture between Medellin utility EPM and Spain-based telecom multinational Millicom – announced a COP$572 billion (US$150.5 million) net loss for full-year 2021, more than twice the COP$212 billion (US$55.8 million) net loss in 2020. While red-ink continues to bleed the company (popularly known as

Companies

EPM Full-Year 2021 Profits Dip Versus Full-Year 2020

Medellin Herald March 23, 2022

Medellin-based multinational utilities giant Grupo EPM announced March 23 that its full-year 2021 net income dipped to COP$3.3 trillion (US$872 million), down from COP$3.7 trillion (US$978 million) for full-year 2020. Despite the profits dip, 2021 revenues grew 28% year-on-year, to COP$25.3 trillion (US$6.7 billion), while earnings before interest, taxes, depreciation and

Companies

Valores Simesa Trims Net Loss in Full-Year 2021 Versus 2020

Medellin Herald March 17, 2022

Medellin-based real-estate developer Valores Simesa – 66% of which is owned by Bancolombia’s investment-banking division — announced March 16 that its full-year 2021 net loss came-in at COP$4.56 billion (US$1.2 million), an improvement over the COP$12.47 billion (US$3.26 million) net loss in 2020. Valores Simesa –created via a spin-off from the long-defunct

Companies

Coltejer Posts Huge Financial Declines for Full-Year 2021

Medellin Herald March 9, 2022

Medellin-based historical textile giant Coltejer revealed in a March 8 filing with Colombia’s Superfinanciera financial oversight agency that its full-year 2021 net loss grew to a negative COP$121 billion (US$32 million), compared to a net loss of COP$94 billion (US$25 million) in 2020. Sales plummeted to COP$16.9 billion (US$4.5 million) in 2021, versus COP$74.8 billion

Companies

Enka Full-Year 2021 Profits More-Than-Triple Year-on-Year

Medellin Herald March 6, 2022

Medellin-based textiles and plastics recycling giant Enka de Colombia announced March 4 that its full-year-2021 net income jumped 3.8-times over 2020, hitting COP$57.4 billion (US$15 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) doubled, to COP$76.4 billion (US$19.9 million), even though gross revenues were almost flat year-on-year, at