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

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

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