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

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

Companies

Grupo Argos 2Q Consolidated Net Income Dips 5.7%, but EBITDA Rises Year-on-Year

Medellin Herald August 14, 2019

Medellin-based Grupo Argos – holding company for electric power producer Celsia, cement maker Cementos Argos and highway/airports concessionaire Odinsa – on August 12 reported a 5.7% year-on-year dip in second-quarter (2Q) 2019 net income, at COP$219 billion (US$63 million). However, 2Q 2019 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18%

Companies

Construcciones El Condor Posts Net Loss for 2Q 2019

Medellin Herald August 14, 2019

Medellin-based highway construction giant Construcciones El Condor on August 14 posted a special COP$13 billion (US$3.7 million) net loss for second quarter (2Q) 2019, but expects to recoup this accounting loss by year-end. “This loss is entirely associated with the result of the ‘Vías de las Américas’ [highway] concession, which will affect the company temporarily […]

Companies

Cementos Argos 2Q 2019 Profits Jump 150% Year-on-Year

Medellin Herald August 13, 2019

Medellin-based multinational cement/concrete giant Cementos Argos announced August 12 that its second-quarter (2Q) 2019 net income hit COP$73 billion (US$21 million), from COP$29 billion (US$8.5 million) in 2Q 2018. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 44% year-on-year, to COP$475 billion (US$140 million), according to the company.

Companies

Enka 2Q 2019 Profits Improve Year-on-Year on Stronger Exports, U.S. Dollar

Medellin Herald August 9, 2019

Medellin-based specialty textiles and fibers giant Enka announced August 8 that its second-quarter (2Q) 2019 profits came-in at COP$4.9 billion (US$1.4 million), a big improvement over the 2Q 2018 net loss of COP$999 million (US$294,000). Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise improved by 35% year-on-year, to COP$14 billion (US$4.1

Companies

Celsia 2Q 2019 Profits Fall Due to Tolima Power Acquisition Costs

Medellin Herald August 9, 2019

Medellin-based electric power giant Celsia reported August 8 that its second quarter (2Q) net income fell 56% year-on-year, to COP$43 billion (US$12.6 million), mainly because of financing costs for its purchase of Tolima departmental power company EPSA. Another COP$19 billion (US$5.6 million) of the difference between 2Q 2019 versus 2Q 2018 profits was the one-time […]

Professional services

Medellin’s ‘Portafolio Verde:’ International, Local Companies Match Mutually Beneficial Social, Environmental Projects with Local Collaborators

Medellin Herald August 6, 2019

A growing list of major local and international companies operating in and around Medellin and throughout Colombia are turning to a novel “Portafolio Verde” (“green portfolio”) consultancy here for projects that are both “green” environmentally as well as financially. “Portafolio Verde” finds, designs and jump-starts innovative, sustainable environmental and social