Companies

Bancolombia Full-Year 2019 Net Income Rises 17% Year-on-Year

Medellin Herald February 22, 2020

Medellin-based multinational banking giant Bancolombia on February 21 reported a full-year 2019 net income of COP$3.1 trillion (US$917 million), up 17% year-on-year. However, fourth quarter (4Q) 2019 net income dropped 46% compared to third quarter (3Q) 2019, to COP$878 billion (US$260

Companies

Cementos Argos Full-Year 2019 Profits Fall Year-on-Year

Medellin Herald February 22, 2020

Medellin-based multinational cement/concrete producer Cementos Argos on February 21 reported US$37 million net income for full-year 2019, a 39% decline year-on year as measured in U.S. dollars. Revenues were essentially flat at US$2.85 billion in 2019 versus US$2.84 billion in 2018, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 2.9%

Companies

Celsia Full-Year 2019 Net Income Jumps 72% Year-on-Year

Medellin Herald February 21, 2020

Medellin-based electric power giant Celsia on February 20 announced that its full-year 2019 net income rose 72% year-on-year, to COP$603 billion (US$177 million), Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose year-on-year, to COP$1.26 trillion (US$370 million), while gross revenues increased 9%, to COP$3.7 trillion (US$1.08 billion),

Companies

Uber Relaunches App-Based Alternative Taxi Services in Colombia

Medellin Herald February 20, 2020

Uber-Colombia announced February 20 that it’s relaunching computerized application-based alternative taxi services, which had been terminated February 1 because the Colombian government ruled that Uber had failed to comply with all legal requirements for such services. According to the announcement (in Spanish, see:

Companies

EPM Board OKs Bid for ‘CaribeMar;’ Would Boost Power-Market Share to 35%

Medellin Herald February 20, 2020

Medellin-based multinational electric power giant EPM announced February 19 that its board of directors gave formal approval for the company to bid on the “CaribeMar” power company in Bolívar, Cesar, Córdoba and Sucre departments in Colombia. If EPM were to win the auction, then its national share of the Colombia power market would jump to […]

Companies

Grupo Exito Full-Year 2019 Net Profit Drops Following Sale of Brazil Ops

Medellin Herald February 20, 2020

Medellin-based multinational retail grocery and dry-goods marketer Grupo Exito announced February 19 that its full-year 2019 net profits came-in at COP$57.6 billion (US$16.9 million), down sharply from the COP$253 billion (US74$ million) in 2018 when the company still included Brazil operations (since sold). “The result was impacted by variations in the tax [regimes], the

Companies

Cementos Argos Debuts US$78 million, Low-Emissions ‘Green Cement’ Plant in Antioquia

Medellin Herald February 18, 2020

Medellin-based multinational cement/concrete giant Cementos Argos on February 14 announced the debut of a US$78 million “green cement” processing facility at its 2.3 million tonnes/year Rioclaro, Antioquia cement plant. The new technology cuts carbon dioxide (CO2) emissions by up-to-38% while cutting energy consumption by 30%, according to Argos. “For the first time in

Companies

Cemex LatAm Full-Year 2019 Profits Fall Sharply, but Colombia Relatively Positive

Medellin Herald February 12, 2020

Colombia-based cement/concrete producer Cemex LatAm Holdings revealed in a February 12 filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 net profits plummeted to US$4 million, from US$63 million in 2018. For fourth quarter (4Q) 2019, the company posted a net loss of US$3 million, compared to a 4Q 2018 net profit of US$10 […]

Companies

Compañía de Empaques Full-Year 2019 Profits Improve Year-on-Year

Medellin Herald February 12, 2020

Medellin-based Compañia de Empaques — manufacturer of more than 1,500 types of packaging materials and fibers for industrial, agricultural, construction and infrastructure sectors – on February 10 revealed in a filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 profits hit COP$12.8 billion (US$3.77 million), up from COP$10.6 billion (US$3

Editorial

Fake News Alert: Report Claims Former Colombia President Uribe Tied to Mexican Drug Kingpin ‘El Chapo’ Guzman

Medellin Herald February 11, 2020

A report claiming ties between former President Alvaro Uribe and imprisoned Mexican drug kingpin “El Chapo” Guzman has now prompted even President Uribe’s longest-running, harshest media critic to trash the report as unsubstantiated. The apparent fake-news report – first broadcast by fired former Colombian Attorney General’s Office investigator and convicted criminal