Companies

Enka 3Q 2018 Net Income Jumps 66% Year-on-Year

Medellin Herald November 15, 2018

Medellin-based textile manufacturer and plastics-recycling specialist Enka Colombia announced November 14 that its third quarter (3Q) 2018 net income rose 66%, to COP$1.8 billion (US$564,000), from COP$1.09 billion (US$342,000)in 3Q 2017. Both domestic and export sales revenues improved by 15%

Companies

Argos 3Q 2018 Net Income Jumps 37% Year-on-Year

Medellin Herald November 15, 2018

Medellin-based cement, electric power and road/airport concessionaire Grupo Argos announced November 14 that its third quarter (3Q) 2018 net income rose 37% year-on-year, hitting COP$410 billion (US$128 million). As for nine-months 2018, Argos has posted an accumulated profit of COP$864 billion (US$269 million), up 31%. Consolidated revenues of Grupo Argos in 3Q 2018 were

Real Estate

New-Housing Sales Down This Year in Medellin, but Up in ‘Oriente,’ Envigado

Medellin Herald November 9, 2018

In a November 8 presentation to some 1,000 attendees for an annual construction-industry forum here, Camacol Antioquia executive director Eduardo Loaiza revealed that new-housing sales in Medellin have fallen 31% this year – mainly due to recent economic weakness in Colombia and investor uncertainly over the national elections earlier this year. Aside from now-settled

Companies

Bancolombia 3Q 2018 Net Income Jumps 20.5% Year-on-Year

Medellin Herald November 9, 2018

Medellin-based banking giant Bancolombia announced November 7 that its third quarter (3Q) 2018 net income rose 20.5% year-on-year, to COP$543 billion (US$172 million). However, this positive year-on-year result in 3Q 2018 was offset by an 8.2% decline in net income compared to 2Q 2018. “Gross loans [in 3Q 2018] grew by 4.0% when compared to […]

Companies

ISA 3Q 2018 Net Income Jumps 30% Year-on-Year

Medellin Herald November 8, 2018

Medellin-based multinational electric power transmission and highway concessionaire ISA announced November 7 that its third quarter (3Q) 2018 net income rose 30.2% year-on-year, to COP$413 billion (US$131 million). Gross revenues rose 8.3% year-on-year, to COP$1.9 trillion (US$605 million), with power transmission revenues showing the biggest yearly gain, by 16.7%,

Companies

Celsia 3Q 2018 Net Profit Drops 31% Year-on-Year; Renewables Projects Growing

Medellin Herald November 7, 2018

Medellin-based electric-power giant Celsia announced November 6 that its third quarter (3Q) 2018 net profit dropped 31% year-on-year, to COP$64 billion (US$20 million). However, nine-months 2018 net profits so far have risen 35% year-on-year, to COP$243 billion (US$77 million), according to Celsia. Consolidated revenues for 3Q 2018 rose 8.5% year-on-year, to COP$852

General News

Big Step Forward for Medellin, EPM: Hidroituango Spillway-Startup Marks Recovery

Medellin Herald November 5, 2018

Medellin-based electric power giant EPM on November 4 heralded the start-up of the engineered spillway over the giant “Hidroituango” hydroelectric project in Antioquia (see photo, above). That start-up soon will allow EPM to close a makeshift diversion tunnel through the dam, ensure steady, safe, adequate water-flow of the Cauca River downstream of the dam, and […]

Companies

Fabricato Trims Losses in 3Q 2018

Medellin Herald November 4, 2018

Medellin-based textile giant Fabricato on November 2 posted a third quarter (3Q) net loss of COP$9 billion (US$2.8 million), an improvement over the COP$19 billion (US$5.9 million) net loss in 3Q 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) also improved year-on-year, with a positive COP$909 million (US$285,000) in 3Q 2018 versus a COP$6

Companies

EPM Wins Crucial Asset-Sales OK, Starts to Overcome Hidroituango Crisis

Medellin Herald October 30, 2018

The Medellin City Council early this morning (October 30) voted 16-5 to approve EPM’s sale of an estimated COP$4 billion (US$1.25 billion) worth of non-strategic assets in order to fill a gaping fiscal hole left by problems with its under-construction “Hidroituango” hydroelectric dam here in Antioquia. The vote followed dozens of public hearings, City Council […]

Companies

Nutresa 3Q 2018 Net Profit Jumps 19% Year-on-Year

Medellin Herald October 28, 2018

Medellin-based multinational foods giant Nutresa reported October 26 that its third quarter (3Q) 2018 net profit rose 19% year-on-year, to COP$386 billion (US$121 million). “This growth is the result of a balanced equation that includes rising sales, efficiency in purchase of basic materials, productivity programs, lower growth in operating expenses and a continuing