General News

Proantioquia: Medellin, Antioquia Must Boost Industrial Specialization, Education, Infrastructure

Medellin Herald August 21, 2019

A new report from Medellin-based think-tank Proantioquia shows that the Medellin metro area and the surrounding Antioquia department must redouble efforts to boost industrial specialization, public education, public health and transport infrastructure in order to meet the challenges of the

Companies

Grupo Orbis 2Q 2019 Net Income Greatly Improves Year-on-Year

Medellin Herald August 16, 2019

Medellin-based multinational Grupo Orbis – which includes paint manufacturing giant Pintuco – on August 15 reported COP$6 billion (US$1.7 million) net income for second quarter (2Q) 2019, a big reversal from a COP$17 billion (US$4.9 million) net loss in 2Q 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) skyrocketed by 490% year-on-year, to

Companies

Mineros SA 2Q 2019 Net Income Drops 41% Year-on-Year

Medellin Herald August 16, 2019

Medellin-based socially responsible gold miner Mineros SA announced that its second quarter (2Q) 2019 net income fell 41% year-on-year, to COP$11 billion (US$3.2 million). “The decrease in net income is mainly explained by an increase in financial expenses — close to COP$6.6 billion (US$1.9 million), derived from the acquisition of Gualcamayo [mining in Argentina],

Infrastructure

Responsible Social Leaders Join Hidroituango Stability-Study Forum

Medellin Herald August 16, 2019

Medellin-based electric power giant EPM announced August 15 that local leaders from communities around Puerto Valdivia, Antioquia are now participating in a broad government/citizen/EPM expert panel examining possible stability issues with the main rock massif adjacent to the giant Hidroituango hydroelectric dam in Antioquia. The decision to include the “MEDAV” (Mesa de

Companies

Constructora Conconcreto 2Q 2019 Earnings Jump 70%

Medellin Herald August 15, 2019

Medellin-based construction giant Constructora Conconcreto announced August 9 that its second quarter (2Q) 2019 earnings jumped 70% year-on-year, to COP$57 billion (US$16.8 million). Earnings before interest, taxes, depreciation and amortization came-in at COP$105 billion (US$31 million), essentially flat year-on-year, while EBITDA margin was 25%. Consolidated revenues hit

Companies

Exito Posts 2Q 2019 Net Loss

Medellin Herald August 15, 2019

Medellin-based multinational retail giant Grupo Exito on August 14 reported a COP$18 billion (US$5.2 million) net loss for second quarter (2Q) 2019, down from a COP$114 billion (US$33million) net profit in 2Q 2018. Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) were flat year-on-year, at COP$868 billion (US$252 million). Meanwhile,

Companies

Gran Colombia Gold 2Q 2019 Net Income Improves Year-on-Year

Medellin Herald August 15, 2019

Toronto, Canada-based Gran Colombia Gold (GCC) – operator of Colombia’s largest underground gold-mine in Antioquia – on August 14 reported second quarter (2Q) 2019 adjusted net income of US$14 million, up from US$8.2 million in 2Q 2018. Meanwhile, for the first half (1H) 2019, adjusted net income rose to US$27 million, up from US$18.1 million […]

Infrastructure

‘Pacifico 1’ Project Engineers Begin Recovery Work Following Landslide

Medellin Herald August 15, 2019

The “Covipacifico” highway construction consortium announced August 14 that its engineers have begun initial work towards recovery of a 300-meters-long section of the crucial, under-construction “Pacifico 1” highway wiped out by a landslide last May. The landslide not only destroyed the new section of highway but also wrecked a 300-meters-long section of existing highway

Infrastructure

Medellin’s Long-Awaited ‘Tunel del Oriente’ Finally Opens; Connects to JMC Airport

Medellin Herald August 15, 2019

After decades of delays, a new, COP$1.1 trillion (US$317 million), 24-kilometers-long highway — including Colombia’s longest tunnel – on August 15 opened to link Medellin directly to the Jose Maria Cordoba (JMC) international airport at Rionegro. According to Concesion Tunel Aburra-Oriente (CTAO, the project consortium involving 74 companies), the new highway —

Companies

EPM First-Half 2019 Net Income Jumps 29% Year-on-Year

Medellin Herald August 14, 2019

Medellin-based multinational electric power and public utilities giant EPM announced August 14 that its first half (1H) 2019 net income rose by 29% year-on-year, to COP$1.3 trillion (US$377 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 16%, to COP$2.9 trillion (US$841 million), while gross revenues increased by 12%, to COP$8.8