Business Colombian economy

EPM: ‘Critical’ Natural-Gas Shortage Coming 2025

Medellin Herald October 31, 2024

Medellin-based energy giant EPM on October 31 warned that Colombia is facing a “critical” shortage of natural gas in 2025 — for which the national government needs to take “immediate” action. “EPM warns that we have not obtained all the natural gas supply contracts for our demand in 2025,

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Fabricato Posts 3Q 2024 Net Loss, but EBITDA Improves

Medellin Herald October 31, 2024

Medellin-based textile giant Fabricato — in bankruptcy since July 2024 – on October 30 posted a COP$33 billion (US$7.47 million) net loss for third quarter (3Q) 2024, although that was an improvement over the COP$78 billion (US$17.67 million) net loss in 3Q 2023. Revenues in 3Q 2024 dropped 28% year-on-year, to COP$198 billion (US$44.8 million), […]

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Medellin Mayor Reveals Grave Fiscal Threat From Afinia Losses

Medellin Herald September 12, 2024

Medellin Mayor Federico Gutiérrez announced September 11 that he has petitioned the Colombian national government to launch emergency negotiations to solve the financially disastrous situation of its Afinia electric-power subsidiary on the Atlantic Coast (Caribbean region). The announcement came only days after neighboring utility Air-e petitioned for a national government

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Coltejer Posts Net Loss for 2Q 2024, Reversing 2Q 2023 Profit

Medellin Herald August 27, 2024

Medellin-based Coltejer – historically a giant in Colombian textile manufacturing, but now a mere shadow of its former self – announced August 26 a second quarter (2Q) 2024 net loss of COP$18.3 billion (US$4.5 million), a sharp reversal from a 2Q 2023 net profit of COP$24.8 billion (US$6.1 million). “This negative result has weakened the […]

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Medellin City Council OK´s Sale of City’s Half-Stake in Tigo-UNE

Medellin Herald August 22, 2024

The Medellin City Council on August 21 voted 16-5 to authorize the sale of the city´s 49.99% stake in internet/cell-phone/cable-TV giant UNE-EPM — the other half being owned by multinational telecom giant Millicom. “With this decision of the Council, EPM will be able to concentrate on its strategic businesses, with quality public services for the […]

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Grupo IMSA 2Q 2024 Net Profit Plunges 81%, But 1H Profits Up 50%

Medellin Herald August 17, 2024

Medellin-based multinational diversified manufacturer-marketer Grupo IMSA announced August 16 an 81% year-on-year decline in second quarter (2Q) 2024 net income, to COP$8.7 billion (US$2.16 million), from COP$47.3 billion (US$11.7 million) in 2Q 2023. However, gross revenues for 2Q 2024 rose 8% year-on-year, to COP$93 billion (US$23 million), from COP$87 billion (US$21.6

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UNE-EPM (Tigo) Posts Net Loss for 2Q 2024, Outlines Market-Exit Plan

Medellin Herald August 15, 2024

Medellin-based UNE-EPM –half-owner of the “Tigo” cell-phone, internet and cable-TV venture (with Millicom owning the other half) in Colombia – announced August 14 a COP$33.9 billion (US$8.4 million) net loss for second quarter (2Q) 2024, an improvement over the COP$290.6 billion (US$72 million) net loss in 2Q 2023. Revenues also dipped slightly, to COP$1.34 trillion […]

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Grupo Argos 1H 2024 Profits Jump 566% Year-on-Year

Medellin Herald August 15, 2024

Medellin-based Grupo Argos – parent company of Cementos Argos, Celsia and Odinsa – announced August 14 that first half (1H) 2024 net income soared 566% year-on-year, to COP$6.8 trillion (US$1.7 billion) — once including a one-time COP$2.6 trillion (US$648 million) gain from sale of its former shareholdings in Grupo Nutresa. Earnings before interest, taxes,

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Sura 2Q 2024 Net Income Jumps 525% Year-on-Year

Medellin Herald August 15, 2024

Medellin-based multinational insurance and financial manager Grupo Sura announced August 14 a 525% year-on-year jump in second quarter (2Q) net income, hitting COP$5.1 trillion (US$1.27 billion), from COP$851 billion (US$212 million) in 2Q 2023. The huge jump is mainly explained by a one-time gain from the sale of its former stockholdings in Grupo Nutresa. If […]

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Isagen 2Q 2024 Net Income Plunges 81% Year-on-Year

Medellin Herald August 14, 2024

Medellin-based renewable-power generation giant Isagen announced August 14 that its second quarter (2Q) 2024 net income fell 81% year-on-year, to COP$57 billion (US$14 million), from COP$302 billion (US$75 million) in 2Q 2023. Revenues also dipped 4% year-on-year, to COP$1.23 trillion (US$306 million), while earnings before interest, taxes, depreciation and amortization