Companies

ISA Full-Year 2021 Profits Dip 19% Year-on-Year

Medellin Herald February 24, 2022

Medellin-based multinational electric-power transmission builder/operator, highways concessionaire and telecom services provider ISA announced February 23 that its full-year 2021 net income fell 19% year-on-year, to COP$2.06 trillion (US$524 million). Despite that dip, operating income rose 13%

Companies

Fabricato Posts Full-Year 2021 Net Profit, Reversing 2020 Losses

Medellin Herald February 24, 2022

Medellin-based textile giant Fabricato announced February 23 a full-year, corporate-wide 2021 net profit of COP$16.5 billion (US$4.2 million) — a big improvement over the 2020 net loss of COP$82.4 billion (US$21 million). “Textile revenues in 2021 increased by 52% compared to 2020,” according to the company, while textile gross margins jumped a full 10 percentage

Companies

Bancolombia Full-Year 2021 Net Income Jumps 31% Year-on-Year

Medellin Herald February 23, 2022

Medellin-based multinational banking giant Bancolombia reported February 22 a that its full-year 2021 net income jumped 31% year-on-year, to COP$4.1 trillion (US$1.04 billion). Fourth-quarter (4Q) 2021 net income soared to COP$1.44 trillion (US$365 million), up from a COP$266 billion (US$67 million) net loss in 4Q 2020. Annualized return on equity (ROE) for full-year 2021

Companies

Éxito Full-Year 2021 Profits Double Year-on-Year

Medellin Herald February 22, 2022

Medellin-based multinational supermarket and dry-goods retailer Grupo Éxito announced February 21 that its full-year 2021 net profit soared by 105% year-on-year, to COP$474 billion (US$120 million). Operating income for 2021 rose 7.5% year-on-year, to COP$16.9 trillion (US$4.3 billion), “marked by important macroeconomic and operational recoveries” not only in Colombia,

Companies

Isagen Expands ‘Green’ Energy Portfolio with Luzma Hydroelectric-Plant Deal in Antioquia

Medellin Herald February 22, 2022

Medellin-based electric power giant Isagen revealed in a February 22 filing with Colombia’s Superfinanciera oversight agency that it just signed a tentative deal to buy two smaller-scale hydroelectric plants (39.8 megawatts total capacity) owned by Generadora Luzma ESP in Amalfi, Antioquia Price wasn’t disclosed as the transaction still must be finalized “in the coming

Health & Insurance.

Antioquia Surpasses 10 Million Covid-19 Vaccinations; 80% of Colombia Joins-In

Medellin Herald February 19, 2022

The department of Antioquia — including Medellin and all its neighboring cities– has just exceeded 10 million vaccinations against Covid-19, with 67% of the population here now completely vaccinated (in most cases, at least two doses). This follows on the heels of a simultaneous announcement by Colombia President Ivan Duque that Covid-19 vaccinations nationwide

Companies

Cementos Argos Full-Year 2021 Profits Skyrocket 451% Year-on-Year

Medellin Herald February 18, 2022

Medellin-based multinational cement/concrete giant Cementos Argos announced February 17 that its full-year 2021 net profit jumped 451% year-on-year, to COP$431 billion (US$109.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 34% year-on-year, to COP$2.1 trillion (US$534 million), while revenues rose 9.1% year-on-year, to COP$9.8

Companies

Cemex LatAm Posts US$23 Million Loss for Full-Year 2021

Medellin Herald February 10, 2022

Colombia-based cement/concrete giant Cemex LatAm Holdings (CLH) announced today (February 10) a full-year 2021 net loss of US$23 million — a big improvement over the US$121 million net loss for full-year 2020. Fourth quarter (4Q) 2021 net loss came-in at US$17 million, down from a net profit of US$8 million in 4Q 2020, according to […]

General News

Medellin Citizens Annual Survey: Mayor Quintero Worst in 16 Years

Medellin Herald February 4, 2022

The just-released, annual “Medellin Como Vamos” (MCV) citizen survey reveals that Medellin Mayor Daniel Quintero has delivered the worst performance of any Medellin Mayor in the entire 16 years of MCV annual citizen surveys. The result undercuts progress made in the last two decades here, during which Medellin citizens historically have indicated relatively positive,

Other Norms

Controller-General Absolves Companies, Officials for 2018 Hidroituango Tunnel Collapse; EPM Reports More Progress

Medellin Herald January 28, 2022

Colombia’s Controller-General announced today (January 28) that because of recent insurance payments to EPM by Mapfre, Axxa, Suramericana and SBS – collectively totaling US$1.1 billion — all companies, politicians and officials who previously faced allegations of errors or omissions that supposedly contributed to a 2018 diversion-tunnel collapse at the US$5 billion