Companies

Cooperativa Financiera de Antioquia Wins AA Debt Risk-Rating

Medellin Herald December 12, 2018

Medellin-based credit union Cooperativa Financiera de Antioquia (CFA) revealed this month in a filing with Colombia’s Superfinanciera regulatory agency that it won a favorable AA rating for long-term debt from Bogota-based debt rater Value & Risk Rating (VRR). CFA also won a favorable

General News

Medellin City Council OKs COP$5.3 Trillion 2019 Budget; Electric-Bus Fleet to Expand

Medellin Herald November 27, 2018

The Medellin City Council on November 26 voted 19-2 to approve a COP$5.3 trillion (US$1.6 billion) 2019 budget mainly favoring the city’s most vulnerable citizens. More than 78% of the budget goes to public education, health, infrastructure and “social inclusion,” according to the city’s Treasury Secretary Orlando Uribe Villa. The budget includes a COP$77 billion […]

Companies

Update: EPM Adopts US$5.3 Billion Budget for 2019; Wins US$1 Billion Credit-Lines OK

Medellin Herald November 23, 2018

Medellin-based multinational power and utilities giant EPM announced November 27 that its board adopted a full-year 2019 budget of COP$17.4 trillion (US$5.3 billion), which includes a COP$1.1 trillion (US$337 million) payment of profits to its sole shareholder: the city of Medellin. Another COP$1.1 trillion (US$337 million) in 2019 will go for repairs and continuing

Companies

Coltejer Hires Consultant To Develop ‘Financial Restructuring’

Medellin Herald November 23, 2018

Medellin-based textile manufacturing giant Coltejer revealed in a November 22 filing with Colombia’s Superfinanciera regulatory agency that it has hired a consultant to develop a financial restructuring plan in order to pay liabilities. According to the filing, the company also seeks a credit worth COP$12 billion (US$3.7 million) to buy cotton feedstocks for its

General News

Antioquia Will Continue to Dominate Gold Mining in Colombia: CGS Highlights

Medellin Herald November 23, 2018

Antioquia Mining Secretary Dora Elena Balvin revealed at the 2018 edition of the annual Colombia Gold Symposium (CGS) here that Antioquia continues to dominate national gold production – and is likely to expand output dramatically in coming years. One reason for optimism is the well-underway development of Continental Gold’s massive mining project at Buritica, Antioquia,

Companies

Conconcreto 3Q 2018 Net Income Jumps 46% Year-on-Year

Medellin Herald November 22, 2018

Medellin-based construction giant Conconcreto announced November 14 that its third quarter (3Q) 2018 net income rose 46.4% year-on-year, to COP$50 billion (US$15.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.6%, to COP$147 billion (US$46 million), while EBITDA margin climbed to 20.9%, from 14.7% a year earlier. Gross revenues

Companies

Mineros, Gran Colombia Gold Post Better Year-on-Year Profits in 3Q 2018

Medellin Herald November 20, 2018

Medellin-based gold mining giant Mineros SA on November 20 reported a 10.2% boost year-on-year in third quarter (3Q) 2018 net income, to COP$19.7 billion (US$6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2018 also rose 7.6% year-on-year, while EBITDA margin rose 13.5%, according to the company. Cash cost of operations dipped

General News

Medellin Retains ‘AAA’ Debt Rating Despite EPM’s Hidroituango Problems

Medellin Herald November 17, 2018

Wall Street bond rater Fitch announced November 16 that it has affirmed Medellin’s favorable “AAA(col)” long-term debt rating despite the financial challenges facing city-owned electric utility EPM because of problems with the giant “Hidroituango” hydroelectric power project. According to Fitch, Medellin also enjoys a “stable” debt oulook and a favorable “F1+(col)”

Colombian economy

Colombia GDP Rebounding to 3.3% in 2019, 3.5% in 2020: Fitch

Medellin Herald November 16, 2018

Wall Street bond rater Fitch on November 14 issued a “stable” outlook for Colombian sovereign debt and simultaneously upgraded its GDP forecast to 3.3% growth in 2019 and 3.5% in 2020. “Ivan Duque’s 2018 presidential election victory is expected to lead to continuity in the government’s monetary and fiscal policies, including abiding by its fiscal […]

Companies

Grupo Sura 3Q 2018 Net Income Drops 10% Year-on-Year

Medellin Herald November 15, 2018

Medellin-based insurance and asset manager Grupo Sura announced November 14 that its third quarter (3Q) 2018 net income fell 10.2% year-on-year, to COP$413 billion (US$139.2 million). “The decrease is due to the impact of the difference in the rate of exchange [falling Colombian peso versus U.S. dollar],” the company noted. However,  Suramericana insurance-division