Other Norms

Hidroituango Completion Thrown into Doubt as Controller Confirms US$1.07 Billion Fine Against Constructors, Politicians

Medellin Herald November 26, 2021

Colombia’s Controller-General (Contraloria General de la Nacion, CGR) announced this morning (November 26) finalization of CGR’s earlier-proposed COP$4.3 trillion (US$1.07 billion) fine against 28 individuals, politicians, insurers and companies that allegedly are responsible for the 2018

Other Norms

Update: Complete Covid-19 Vaccinations Mandatory for Public Spaces Starting December 1

Medellin Herald November 16, 2021

Colombia’s Health Ministry and President Ivan Duque jointly announced November 19 that starting December 1, 2021, people over 18 years old must show proof of COMPLETE Covid-19 vaccination in order to enter most places of mass gatherings. The upcoming mandate — a stricter version that replaces the existing mandate, which today only requires partial (one-shot) […]

Companies

Mineros SA 3Q 2021 Profits Drop 67% Year-on-Year on Cost Spikes

Medellin Herald November 16, 2021

Medellin-based multinational gold mining giant Mineros SA announced November 15 that third quarter (3Q) 2021 profits fell 67% year-on-year, to US$8.2 million, as cost hikes in Nicaragua and Argentina hurt over-all results. Corporate-wide gold production dipped by 1% year-on year, to 63,758 ounces, “in line with the company’s updated guidance for 2021,” according to

Companies

Grupo Sura 3Q 2021 Net Income Soars 192% Year-on-Year

Medellin Herald November 13, 2021

Medellin-based multinational insurance, health-care and financial-services giant Grupo Sura announced November 12 that its third quarter (3Q) 2021 net income skyrocketed by 192% year-on-year, to COP$445 billion (US$114 million). Revenues rose 23% year-on-year, to COP$6.6 trillion (US$1.7 billion), the company added. As for the first nine months of 2021, net income is up

Companies

Enka Nine-Months 2021 Profits Up Sharply Versus Nine-Months 2020

Medellin Herald November 13, 2021

Medellin-based textiles and plastics-recycling giant Enka de Colombia reported November 12 net income of COP$42 billion (US$10.8 million) for nine-months 2021, a huge improvement over the COP$2.2 billion (US$566,000) net income in nine-months 2020. Nine-months 2021 earnings before interest, taxes, depreciation and amortization (EBITDA) likewise have nearly tripled

Companies

Grupo Argos 3Q 2021 Net Profit Skyrockets Year-on-Year

Medellin Herald November 12, 2021

Medellin-based Grupo Argos – parent of Cementos Argos (cement), Celsia (electric power) and Odinsa (highway/airport concessions) – announced November 11 that its corporate-wide profits for third quarter (3Q) 2021 hit COP$375 billion (US$96 million), up from COP$78 billion (US$20 million) in 3Q 2020. Revenues hit COP$4.1 trillion (US$1.05 billion), up from COP$3.45 trillion

Companies

Construcciones El Condor 3Q 2021 Profits Nearly Unchanged Year-on-Year

Medellin Herald November 12, 2021

Medellin-based highway construction giant Construcciones El Condor announced November 11 that its third quarter (3Q) net income nearly matched that of 3Q 2020, at COP$16 billion (US$4.1 million). However, revenues dropped 34% year-on-year, to COP$372.7 billion (US$95.7 million), according to the company. The drop in revenues “is associated with the completion period of the

Companies

Gran Colombia Gold 3Q Net Income Rises Year-on-Year

Medellin Herald November 12, 2021

Toronto-based Gran Colombia Gold – whose principal mining operations are in Antioquia – on November 11 announced third quarter (3Q) 2021 net income rose to US$25.3 million, up from US$18 million in 3Q 2020. The profit boost came a result of lower tax expense and non-mining income, even as operating income actually fell year-on-year, according […]

Health & Insurance.

Colombia Tops 50 Million Covid-19 Vaccinations

Medellin Herald November 11, 2021

Colombia’s Ministry of Health announced November 11 that as of midnight two days ago (November 9), more than 50 million shots of Covid-19 vaccine have now been applied here nationally. Of that total, more than 22.3 million people have completed their required two-shot (or in the case of Jannsen, one-shot) regimen, while 27 million have […]

Companies

Cementos Argos 3Q 2021 Profits Jump 68% Year-on-Year

Medellin Herald November 9, 2021

Medellin-based multinational cement/concrete giant Cementos Argos reported November 8 a 68% year-on-year hike in third quarter (3Q) 2021 net income, to COP$73 billion (US$18.8 million). Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 2.4%, to COP$473 billion (US$122 million), “due mainly to the good performance of Colombia in a