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.

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

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% […]