General News

More Cities in Antioquia Reopen Businesses; Medellin Leads All Colombia in ‘Smart’ Reopenings, Covid-19 Avoidance

Medellin Herald May 16, 2020

The Antioquia departmental government revealed May 15 that eight local municipalities that haven’t had a single case of Coronavirus have just won special permission from Colombia’s Interior Ministry to reopen nearly everything. “The municipalities of Caracolí, Maceo, Puerto Berrío, Puerto Nare,

Companies

Grupo Argos 1Q 2020 Profits Plummet Year-on-Year

Medellin Herald May 15, 2020

Stung by the Coronavirus crisis, Medellin-based electric power, cement and airport/highways concessionaire Grupo Argos announced May 14 that its first quarter (1Q) 2020 net income plunged to COP$26 billion (US$6.6 million), down from COP$953 billion (US$243 million) in 1Q 2019. Consolidated revenues for 1Q 2020 dipped 3% year-on-year, to COP$3.6 trillion (US$919 million).

Companies

Sura Posts US$19 Million 1Q 2020 Net Loss on Money-Losing Investments; Potential Covid-19 Insurance-Cost Crunch This Year

Medellin Herald May 15, 2020

Medellin-based insurance and investment giant Grupo Sura revealed in a May 15 filing with Colombia’s Superfinanciera oversight agency that it suffered a COP$75.9 billion (US$19 million) net loss for first quarter (1Q) 2020, down from a COP$560 billion (US$143 million) net profit in 1Q 2019. The company cited a “challenging environment that has forced companies […]

General News

XM: Low Rainfall This Year Hurts Hydropower Output; Conservation Seen Likely

Medellin Herald May 15, 2020

Medellin-based XM – operator of Colombia’s national electric power dispatch-and-trading market – on May 14 announced that relatively low rainfall this year might require Colombians to take steps to conserve water and power consumption. “Although it is true that the country’s [hydropower dam] reservoirs are at historic minimum levels, the Colombian energy matrix has

Colombian economy

Fitch: Colombia’s 2021 Post-Crisis Recovery Hobbled by Weak Tax Revenues; Bancolombia Analyzes Current Situation

Medellin Herald May 15, 2020

Wall Street bond rater Fitch Ratings on May 14 unveiled a report finding that Colombia will struggle to fill a fiscal hole next year because of economic damage and revenue losses in the Coronavirus crisis — along with continuing pressures to boost social spending. In the current crisis, the Colombian government has been spending billions […]

Colombian economy

Colombia GDP Grows Just 1.1% in 1Q 2020 as Covid-19 Crisis Starts to Hurt

Medellin Herald May 15, 2020

Colombia’s economic statistics agency (Departamento Administrativo Nacional de Estadística, DANE) announced May 15 that the Covid-19 crisis — bursting on the scene in the latter part of first quarter (1Q) 2020 — took a big bite out of gross domestic product (“PIB” in Spanish initials). As a result, Colombia PIB grew by just 1.1% in […]

Companies

Construcciones El Condor 1Q 2020 Earnings Fall on Covid-19 Crisis

Medellin Herald May 14, 2020

Medellin-based highway construction giant Construcciones El Condor revealed in a May 13 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income dropped 76.7% year-on-year, to COP$7.3 billion (US$1.86 million) because of the Coronavirus-crisis shutdowns. Revenues likewise fell by 19.7% year-on-year, to COP$186 billion (US$47.5

Ecotourism

Medellin Leads Colombia as World Champion in ‘Global Big Day’ Bird-Survey Competition

Medellin Herald May 14, 2020

The Medellin Mayor’s Office on May 13 hailed Medellin’s national leadership in the annual “Global Big Day” survey of bird species in Colombia and world-wide on May 9. For the fourth straight year, Colombia won the global competition for the 24-hours survey, with 1,440 species recorded nationally. Colombia has by far the world’s greatest bird […]

Companies

ISA 1Q 2020 Net Income Rises 7.2% Year-on-Year

Medellin Herald May 13, 2020

Medellin-based multinational electric-power transmission, highways concessions and telecom-services operator ISA announced May 12 that its first quarter (1Q) 2020 net income rose 7.2% year-on-year, to COP$378 billion (US$97 million). The profitability improvement “was mainly due to higher revenues from the initiation of new project operations in Peru, Colombia, and Chile;

Companies

Éxito 1Q 2020 Sales Jump 12% Year-on-Year, Profits Rise Slightly

Medellin Herald May 12, 2020

Medellin-based supermarket giant Grupo Éxito announced May 12 that its first-quarter (1Q) 2020 operating income jumped 12% year-on-year to COP$4.05 trillion (US$1.04 billion), not including peso/dollar exchange rate effects. Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) rose 4% year-on-year, to COP$262.8 billion (US$67.7 million) with an