Economy & Finance

Colombia’s GDP Grew 2.7% in 201 February 2019

Medellin Herald July 11, 2019

Colombia’s national economics statistics agency (DANE, Departamento Administrativo Nacional de Estadistica) on February 28 revealed that its latest studies indicate national gross domestic product (“PIB” in Spanish initials) hit 2.7% for full-year 2018, up from a feeble 1.4% in 2017. Meanwhile,

Economy & Finance

Nutresa 2018 results February 2019

Medellin Herald July 11, 2019

Nutresa Full-Year 2018 Net Profits Jump 20% Year-on-Year Medellin-based multinational processed foods giant Nutresa announced February 22, 2019 that its full-year 2018 net income rose 20% year-on-year, to COP$508 billion (US$155 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 7% year-on-year, hitting COP$1.1 trillion (US$336

Companies

Celsia 2018 results February 2019

Medellin Herald July 11, 2019

Medellin-based electric power producer Celsia announced February 19, 2019 that its full-year 2018 net income rose 39.7% year-on-year, to COP$350.7 billion (US$112.6 million), from COP$251 billion (US$80 million) in 2017. Fourth-quarter (4Q) 2018 net income also rose year-on-year, hitting COP$108 billion (US$34.7 million), up from COP$71 billion (US$22.8 million) in 4Q

Companies

Cemex Latam 4Q 2018 results February 2019

Medellin Herald July 11, 2019

Cemex LatAm 4Q 2018 Net Profits Slip, Colombia Sales Dip Bogota-based cement/concrete manufacturing giant Cemex LatAm Holdings announced February 7, 2019 that its fourth-quarter (4Q) 2018 region-wide net profits fell 33% year-on-year, to US$10 million, from US$33 million in 4Q 2017. But full-year 2018 profits improved 36% year-on-year, to US$63 million, from US$46 million

Companies

Construcciones El Condor Full-Year 2018 Net Income Feb 2019

Medellin Herald July 11, 2019

Construcciones El Condor Full-Year 2018 Net Income Dips Year-on-Year, but 4Q Profits Soar Medellin-based highway construction specialist Construcciones El Condor announced February 28, 2019 that its full-year 2018 consolidated net income hit COP$112.6 billion (US$36 million), down from COP$183 billion (US$59 million) but explained by a non-recurring sales gain in 2017.

Companies

Grupo Argos 2018 results February 2019

Medellin Herald July 11, 2019

Grupo Argos Full-Year 2018 Profits Jump 32% Year-on-Year Medellin-based cement, electric power and airport/highway concessionaire Grupo Argos announced February 23, 2019 that its full-year 2018 net income jumped 32% year-on-year, to COP$1.2 trillion (US$386 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) hit a record COP$4 trillion

Companies

Medellin’s ‘Emvarias’ Sanitation-Unit EBITDA Improves April 2019

Medellin Herald July 11, 2019

Emvarias – the sanitation-department subsidiary of Medellin-based utilities giant EPM – on April 3, 2019 announced that full-year 2018 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 61% year-on-year, to COP$40 billion (US$12.7 million). However, net income fell 41% year-on-year, to COP$4.49 billion (US$1.4 million), as interest income from its

Companies

PharmaCielo Full-Year 2018 Net Loss Grows; Commercial Sales to Begin 3Q 2019

Medellin Herald July 11, 2019

Canada-based medical-marijuana developer PharmaCielo – whose research and operating-group headquarters are in Rionegro, Antioquia – announced April 18, 2019 a full-year 2018 net loss of US$24.4 million, worse than the US$7.6 million net loss in 2017. “This net loss was primarily due to share-based payments of US$14.4 million,” according to the company. “These share-based

Companies

AeroMexico, Interjet Expand Medellin-Mexico, U.S.-Connecting Flight Options

Medellin Herald July 11, 2019

AeroMexico and Interjet – both based in Mexico City – simultaneously announced May 9, 2019 the expansion of nonstop flights between Medellin and Mexico, with onward connections. AeroMexico has been offering twice-weekly nonstop service to/from Medellin and Cancun since last November 17 — and just decided to continue those flights beyond its earlier, original plan

Visas

Colombia Visa Changes Continue; Permanent Residents Can Avoid Bogota Trip

Medellin Herald July 11, 2019

New rules adopted by the Colombian government allow long-time foreign nationals with existing, valid permanent residency status in Colombia to avoid the once-every-five-years trip to Bogota to renew the visa that’s already stamped inside your non-Colombian, foreign passport. However, already-permanent, long-time legal residents here (editor’s note: I’ve been