Companies

Grupo Éxito 2Q 2021 Net Profit Quadruples Year-on-Year

Medellin Herald July 28, 2021

Medellin-based multinational supermarket/dry-goods retailer Almacenes Éxito announced July 27 that its second quarter (2Q) 2021 net profits soared 297%, to COP$50.7 billion (US$12.9 million), from COP$12.8 billion (US$3.2 million) in 2Q 2020. The quadrupling of net income is credited to a

Companies

EPM Board Rejects Antioquia’s Proposed Hidroituango Share-Swap; Eyes Cash Buyout

Medellin Herald July 28, 2021

Medellin electric power giant EPM announced today (July 28) that its Board of Directors voted to reject a proposed swap of the departmental government of Antioquia’s majority share in the (estimated) US$5 billion Hidroituango hydroelectric project — in exchange for giving Antioquia a minority share in EPM. The EPM Board “analyzed the proposal of [acting] […]

Companies

EPM Group’s First-Half 2021 Net Profits More-Than-Double Year-on-Year

Medellin Herald July 28, 2021

Medellin-based multinational utilities giant EPM announced July 27 that its first half (1H) net income hit COP$1.9 trillion (US$483 million), more than double the COP$717 billion (US$192 million) profit in 1H 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to COP$3.5 trillion (US$890 million), up from COP$2.8 trillion (US$752 million) in

Colombian economy

U.S. State Department: Colombia’s Strengths Outweigh Weaknesses for Foreign Investment

Medellin Herald July 27, 2021

A new report from the U.S. State Department finds that Colombia offers relatively favorable conditions for foreign direct investment (FDI) here – even though some regulatory areas still need updating or improvements The new U.S. report – just one of dozens analyzing the relative strengths/weaknesses for FDI in 170 nations globally – notes that Colombia […]

Health & Insurance.

Update: USA Donates 6 Million Covid-19 Doses as Colombia Rocketing Past 25 Million Vaccinations

Medellin Herald July 23, 2021

Colombia President Ivan Duque announced this morning (July 23) that the U.S. government is shipping yet another 3.5 million doses of free Covid-19 vaccine to Colombia on Sunday, July 25 — on top of 2.5 million doses earlier donated by the U.S. to Colombia last month. This makes the U.S. government by far the biggest […]

Companies

Update: Coltejer Shutters Production of Non-Woven Fibers, Eyes ‘Reinvention’

Medellin Herald July 16, 2021

Medellin-based textile giant Coltejer revealed in separate July 15 and July 17 filings with Colombia’s Superfinanciera corporate oversight agency that it has decided to suspend production of non-woven fibers and begin a process to “reinvent” its whole business model. “Taking into account the impact that the company has suffered due to issues related to [below-cost […]

Companies

EPM Boosts Hidroituango Cost Estimate to COP$18.3 Trillion; Mid-2022 Startup Seen

Medellin Herald July 15, 2021

EPM general manager Jorge Andrés Carrillo Cardoso announced July 14 that the latest capital cost estimate for the 2.4-gigawatt “Hidroituango” hydroelectric dam in Antioquia now stands at COP$18.3 trillion (US$4.8 billion), up COP$2.1 trillion (US$550 million) from the prior estimate. On the positive front, Hidroituango has now recuperated physical setbacks suffered in

Taxes

Colombia’s Finance Minister Proposes COP$11 Trillion Corporate Tax Hike to Boost Subsidies for Poor, Workers, Youths, Businesses Hurt by Covid-19 Crisis

Medellin Herald July 14, 2021

Colombia Finance Minister José Manuel Restrepo on July 13 unveiled a COP$11 trillion (US$2.9 billion) tax hike on wealthier corporations in order to expand and continue subsidies to especially vulnerable populations economically slammed by the Covid-19 crisis. The proposal DOES NOT include any new taxes on middle-class people, nor does it boost the existing value-added

Companies

Fabricato 3Q 2021 Profits Soar Year-on-Year

Medellin Herald July 11, 2021

Medellin-based textile giant Fabricato reported November 6 that its third quarter (3Q) 2021 net profit came in at COP$11.1 billion (US$2.86 million), a big reversal from the COP$3.3 billion (US$852,000) net loss in 3Q 2020. As for the first nine months of 2021, net income reached COP$12.1 billion (US$3.1 million), up from a COP$22 billion […]

Companies

Antioquia Proposes to Swap its Hidroituango Shareholding for Minority Stake in EPM

Medellin Herald July 8, 2021

Antioquia Acting Governor Luis Fernando Suárez announced today (July 8) that the departmental government wants to swap its majority shareholding in the US$5 billion “Hidroituango” hydroelectric project for a minority share in Medellin’s electric-power giant EPM. The proposed deal “seeks to avoid a judicial conflict that could also generate a prolonged and damaging