Companies

Cementos Argos Full-Year 2020 Net Income Drops 28% Year-on-Year

Medellin Herald February 24, 2021

Medellin-based multinational cement/concrete giant Cementos Argos on February 24 reported a 28% year-on-year decline in 2020 net income, to COP$141 billion (US$39.6 million), resulting from economic slowdowns during the Covid-19 crisis. Earnings before interest, taxes, depreciation and

Colombian economy

Colombia GDP Growth to Hit 4.5% This Year: Fedesarrollo Survey

Medellin Herald February 23, 2021

Colombia’s gross domestic product (“PIB” in Spanish initials) is likely to grow by 4.5% during 2021 — up sharply from the 6.8% GDP net decline during the Covid-19 crisis of 2020, according to a just-released monthly survey of economists by Fedesarrollo, Colombia’s top economic think-tank. According to the organization’s latest “Financial Opinion Survey” (FOS) for

Companies

Exito Full-Year 2020 Net Profits Soar 300% Year-on-Year

Medellin Herald February 22, 2021

While many companies have suffered steep reversals in 2020 during the Covid-19 pandemic, Medellin-based multinational supermarket/dry-goods retailer Grupo Exito actually saw its net profits soar 300%, to COP$231 billion (US$64 million). Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) was nearly flat, at COP$1.27 trillion (US$353 million),

Companies

Cemex’s Maceo, Antioquia Cement Plant Clears Another Legal Hurdle

Medellin Herald February 21, 2021

Cemex Colombia revealed in a February 16 filing with Colombia’s Superfinanciera oversight agency that it just won a key license modification from environmental regulator Corantioquia, enabling eventual start-up of its US$420 million Maceo, Antioquia cement plant. “The [license] modification allows the extraction of 990,000 tons of materials (clay and limestone) and the

General News

American Airlines, Viva Air Unveil Nonstop Flights from Medellin to New York, Mexico City, Cancun, Orlando

Medellin Herald February 18, 2021

American Airlines announced February 18 that it is launching daily nonstop flights to and from Medellin’s Jose Maria Cordova (JMC) international airport to New York’s JFK international starting May 6. American simultaneously is expanding code-share flight deals with JetBlue for ticket purchases starting February 22, according to the companies. “American’s customers will

Colombian economy

Colombia’s 2020 GDP Shrinks 6.8% on Covid Crisis, but Rebounds Point to Growth

Medellin Herald February 16, 2021

Colombia’s national economic statistical agency DANE on February 15 revealed that the national gross domestic product (PIB in Spanish initials) shrunk by 6.8% for full-year 2020 — all because of the Covid-19 crisis. However, GDP sequentially rebounded in third quarter (3Q) and fourth quarter (4Q) 2020, compared to the huge 15% decline in second quarter […]

Health & Insurance.

Colombia Now Receiving 1.65 Million Doses of Covid-19 Vaccines; Shots Start This Week

Medellin Herald February 15, 2021

Colombia President Ivan Duque announced this morning (February 15) that the nation will receive the first 50,000 doses of Pfizer Covid-19 vaccines today, followed by 1.6 million more doses from various providers over the next three weeks. As a result, the first vaccinations will start here right away — a few days in advance of […]

Infrastructure

Medellin Expands Electric Bus Recharging Network

Medellin Herald February 11, 2021

Medellin’s continually expanding zero-emissions public transport network got another boost February 10 with the start-up of new charging stations for its 60 pure-electric “Metroplus” buses. The new stations, in the Patio Fátima neighborhood, enable bus recharging 24 hours a day, seven days a week, according to a bulletin from the Medellin Mayor’s Office. The new […]

Companies

Enka Full-Year 2020 Profits Stable, but Coltejer Losses Worsen

Medellin Herald February 11, 2021

Medellin-based textile and plastics-recycling giant Enka Colombia announced February 10 that its full-year 2020 profits rose to COP$15.2 billion (US$4.3 million), up slightly from COP$15 billion (US$4.25 million) in full-year 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2020 rose 7% year-on-year, to COP$38 billion (US$10.7

General News

Medellin Mayor Fires EPM General Manager with No Explanation Why

Medellin Herald February 2, 2021

In what critics see as a disturbing habit of recklessness and political capriciousness, Medellin Mayor Daniel Quintero and his hand-picked Board of Directors of city-owned public utility EPM on February 1 fired EPM general manager Álvaro Guillermo Rendón. Rendón — himself hand-picked by Quintero to take over as EPM general manager in January 2020 upon […]