Companies

Cementos Argos 1Q 2020 Net Income Drops 73% Year-on-Year

Medellin Herald May 6, 2020

The Coronavirus crisis continues to slam companies as Medellin-based cement/concrete multinational Cementos Argos reported May 6 that its first quarter (1Q) 2020 net income dropped 73% year-on-year, to COP$18 billion (US$4.6million). Corporate-wide cement sales dropped 6% year-on-year, while

Companies

Celsia 1Q 2020 Net Income Rises 38% Year-on-Year; Covid-19 Subsidies Expand

Medellin Herald May 6, 2020

Medellin-based electric power giant Celsia announced May 4 that first quarter (1Q) 2020 net income rose 38% year-on-year, to COP$86.7 billion (US$21.8 million). Consolidated revenues for the quarter rose 1% versus fourth-quarter 2020, to COP$928 billion (US$234 million). Colombia revenues represented 84% of the total, with Central America operations accounting for the

General News

Vehicle Repairs & Parts Sectors Next to Reopen; Construction Sector Opportunities Arise in Medellin

Medellin Herald May 5, 2020

Colombia’s Transport Ministry announced May 5 that — following consultations with local Mayors — vehicle repair shops and auto-parts stores will be the next economic sectors to be freed from Coronavirus quarantines. “Based on the requests and evaluations of the municipal Mayors, the [Transport Ministry’s] Logistics and Transportation Center will approve the

Colombian economy

Treasury Ministry Advisory Committee: Coronavirus Could Cause 5.5% Decline in Colombia Economy This Year

Medellin Herald May 5, 2020

Colombia’s Treasury Ministry revealed May 4 that its own “Fiscal Rule Advisory Committee” of economic analysts now fears that the Colombian economy could shrink by 5.5% this year because of the Coronavirus crisis. The “CCRF” Committee (“Comité Consultivo de la Regla Fiscal”) just undertook a new sensitivity analysis of the behavior of fiscal variables under […]

Other Norms

Quarantine to Extend to May 25, but One-Third of Colombians Could Escape it as More Economic Sectors, Rural Areas to Open with New Biosafety Protocols

Medellin Herald May 5, 2020

Some 15 million Colombians could be freed from Coronavirus quarantine this month as a result of new flexibility measures for certain economic sectors as well as for some 800 municipalities that (to date) haven’t had a single case of Covid-19. This “Covid-free-area” exemption potentially would include large areas of rural Antioquia — but not in […]

Economy & Finance

More than 64,000 Companies, 785,000 Workers Registered for ‘Medellin Me Cuida’ Economic Restart

Medellin Herald May 4, 2020

The Medellin Mayor’s Office revealed May 4 that to date, 64,366 companies have registered under the pioneering “Medellin Me Cuida” economic restart program for manufacturing and construction sectors here. According to the Mayor, of those 64,366 companies, 54,810 have presented evidence of compliance with new biosafety protocols to prevent the spread of Coronavirus. So far,

Companies

Fabricato 1Q 2020 Net Loss Declines Year-on-Year; Coronavirus Slams Sales

Medellin Herald May 1, 2020

Medellin-based textile giant Fabricato revealed in a May 1 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net loss totaled COP$8.97 billion (US$2.26 million) — a 33% improvement over the COP$13.3 billion (US$3.35 million) net loss in 1Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) soared by

Companies

Coronavirus Crisis Temporarily Hurts Cemex LatAm; Colombia Rebound Starts on Highway Demand

Medellin Herald April 30, 2020

Colombia-based Cemex LatAm Holdings (CLH) on April 30 posted a corporate-wide US$30 million net loss for first quarter (1Q) 2020 — down from a 1Q 2019 net profit of US$16 million as the Coronavirus crisis slashed demand for cement and concrete. In Colombia, cement demand looked relatively strong in January and February — but then […]

General News

Thousands of Manufacturers, Construction Companies Respond to Biosafety Protocols; Medellin, Antioquia Gradually Returning to Work

Medellin Herald April 28, 2020

Medellin Mayor Daniel Quintero revealed April 27 that more than 50,000 metro-area workers in manufacturing and construction already have returned to work — following a pioneering business/worker registration system for addressing the Coronavirus quarantine crisis. Passengers on the Medellín “Metro” train, bus, tram and cable-car system increased by 10% on April 27

Banking & Financial Services

Bancolombia Extends US$4.3 Billion in Low-Interest Payroll Loans to 293,000 Small Businesses Following President Duque’s Prodding on Coronavirus-Crisis Aid

Medellin Herald April 28, 2020

Medellin-based banking giant Bancolombia announced April 27 that it has approved COP$17.4 trillion (US$4.3 billion) in payroll-coverage loans to 293,000 small, medium and independent businesses in Colombia via a new National Guarantee Fund (FNG) Coronavirus-crisis program. Under the FNG program, the government of Colombia is assuming 90% of the payback risk, thus helping