Companies

EPM 3Q 2019 Net Income Falls Year-on-Year, but Nine-Months 2019 Improves

Medellin Herald November 16, 2019

Medellin-based multinational utilities giant EPM announced November 15 that its third quarter (3Q) 2019 consolidated net income fell 25% year-on-year, to COP$457 billion (US$134 million), down from COP$607 billion (US$177 million) in 3Q 2018. The 3Q decline came despite a 9% year-on-year hike

Companies

Orbis Posts Year-on-Year Profits Recovery in 3Q 2019

Medellin Herald November 15, 2019

Medellin-based multinational Grupo Orbis – producer of “Pintuco” paints, “Otek” water-handling systems and numerous chemical products – on November 14 posted a COP$10 billion (US$2.9 million) net profit, a big reversal from the COP$8 billion (US$2.3 million) net loss in 3Q 2018. Gross revenues rose 6.3% year-on-year, to COP$1.08 trillion (US$315 million), while earnings

Companies

Sura 3Q 2019 Net Income Jumps 35% Year-on-Year

Medellin Herald November 15, 2019

Medellin-based multinational insurance and investment specialist Grupo Sura on November 14 posted a 35% year-on-year jump in third quarter (3Q) 2019 net income, to COP$1.5 trillion (US$438 million). The biggest contributor to net income (COP$682 billion/US$199 million) in the latest quarter came from the Sura Asset Management (AM) division, which manages a growing basket

Companies

Following Brazil Sale, Exito Posts COP$11 Billion Net Income for 3Q 2019

Medellin Herald November 15, 2019

Medellin-based multinational supermarket giant Grupo Exito on November 14 posted a COP$11 billion (US$3.2 million) net income for third quarter (3Q) 2019 – not comparable to 3Q 2018 since its former Brazilian operations are now officially listed as a “discontinued operation.” Following a September 12 decision by most Exito stockholders and its board, Grupo Exito […]

Infrastructure

Medellin’s ‘Plaza Mayor’ Convention Center Unveils US$9.4 Million Expansion Scheme, Including New Hotel

Medellin Herald November 15, 2019

Medellin’s “Plaza Mayor” on November 14 unveiled a COP$32 billion (US$9.4 million) expansion plan that over the next 10 years would modernize a host of convention facilities and add a new hotel. The “2019-2029 Events with a Future” scheme includes 10 proposals both within and outside the convention center, along with “modernization of spaces and […]

Companies

Mineros SA 3Q 2019 Net Income Triples Year-on-Year

Medellin Herald November 14, 2019

Medellin-based multinational gold mining giant Mineros SA on November 13 reported a 227% year-on-year boost in third quarter (3Q) 2019 net income, hitting COP$64.7 billion (US$18.7 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise jumped 122%, to COP$127 billion (US$37 million), while EBITDA margin also rose to 35.8%, from 31% in 3Q

General News

Colombia’s Controller-General Probing 2 Former Medellin Mayors, 2 Former Antioquia Governors over Hidroituango Construction Errors, Financial Losses

Medellin Herald November 14, 2019

Colombia’s Controller General (Contraloria General de la Republica, CGR) Carlos Felipe Córdoba Larrarte announced November 14 that his agency has opened an investigation into two former Medellin Mayors, two former Antioquia Governors and three EPM representatives potentially responsible for construction errors and financial losses resulting from the collapse of a diversion

Companies

Grupo Argos 3Q 2019 Net Income Jumps 26% Year-on-Year

Medellin Herald November 13, 2019

Medellin-based cement, electric power and highway/airport concessionaire Grupo Argos on November 13 reported a 26% year-on-year rise in third quarter (3Q) 2019 consolidated net income, to COP$516 billion (US$150 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 39% year-on-year, to COP$1.4 trillion (US$408 million), according

Companies

Enka 3Q 2019 Net Income More-Than-Triples Year-on-Year

Medellin Herald November 10, 2019

Medellin-based textiles and plastic-bottles recycling specialist Enka Colombia reported November 8 that its third quarter (3Q) 2019 net income hit COP$6.9 billion (US$2 million), up sharply from COP$1.8 billion (US$539,000) in 3Q 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose, to COP$26 billion (US$7.8 million), versus COP$19.8

Companies

Conconcreto 3Q 2019 Profits Rise, but Construcciones El Condor 3Q Net Declines

Medellin Herald November 9, 2019

Medellin-based construction giants Construcciones El Condor and Constructora Conconcreto this month reported variable financial results for third quarter (3Q) 2019. For Conconcreto, 3Q 2019 net income rose 45% year-on-year, to COP$72.8 billion (US$21.8 million). Conconcreto attributed the boost in profits to “good results in construction projects and also execution of its