Business Companies

Nutresa 1Q 2024 Net Income Plunges 41% Year-on-Year

Medellin Herald April 26, 2024

Medellin-based multinational foods giant Grupo Nutresa announced April 25 that first quarter (1Q) 2024 net income dropped 41% year-on-year, to COP$207 billion (US$52 million), versus COP$348 billion (US$87.7 million) in 1Q 2023. Earnings before interest, taxes, depreciation and amortization

Business Companies

Grupo IMSA Buys-Back 24% of Shares, Posts Profitable Full-Year 2023

Medellin Herald April 24, 2024

Medellin-based diversified manufacturer Grupo IMSA announced April 22 in a filing with Colombia’s Superfinanciera corporate oversight agency that it has just completed reacquisition of 2.8 million of its own publicly traded shares, equivalent to 24% of all shareholdings. It’s just the latest move in what amounts to a remake of the conglomerate, which started last […]

Business Companies

Isagen Full-Year 2023 Net Income Dips 16% Year-on-Year

Medellin Herald April 5, 2024

Medellin-based, 100% renewable-power giant Isagen announced April 4 that its full-year 2023 net income fell 16% year-on-year, to COP$1.03 trillion (US$273 million), from COP$1.23 trillion (US$326 million) in 2022. Despite the profits dip, operating income actually rose 14.7% year-on-year, to COP$5.52 trillion (US$1.46 billion). However, earnings before interest, taxes,

Business Companies

UNE-Tigo Full-Year 2023 Net Losses Worsen Compared to 2022

Medellin Herald March 29, 2024

Medellin-based cell-phone/internet/telecom giant UNE-Tigo – a joint venture with Spain-based Millicom – announced March 27 a full-year 2023 net loss of COP$$1.14 trillion (US$295 million), more-than-double the COP$474 billion (US$122 million) net loss in 2022. UNE-Tigo blamed the net losses on “macroeconomic variables due to financial updating and amortization of financial

Business Companies

Valores Industriales Full-Year 2023 Net Income Plummets 92% Year-on-Year

Medellin Herald March 28, 2024

Medellin-based investment conglomerate Valores Industriales announced March 27 a full-year 2023 net income of COP$1.86 billion (US$481,000), down 92% from a restated 2022 net income of COP$24.5 billion (US$6.2 million). Despite the plunge in profits, 2023 gross revenues improved slightly, to COP$1.15 trillion (US$297 million), versus CO$1.02 trillion (US$264 million) in

Business Companies

Fabricato Posts Net Loss for Full Year 2023, Cites Strategic Plans

Medellin Herald March 26, 2024

Medellin-based textile giant Fabricato on March 23 posted a full-year 2023 net loss of COP$122.5 billion (US$31.8 million), down from a net profit of COP$3.17 billion (US$442,000) in 2022. Total sales also declined to COP$342 billion (US$89 million) in 2023, down from COP$481 billion (US$125 million) in 2022. Earnings before interest, taxes, depreciation and amortization

Business Companies

Coltejer Posts Full-Year 2023 Net Loss, Slightly Better Than 2022 Losses

Medellin Herald March 24, 2024

Medellin-based textile specialist Coltejer – for nearly a century an industrial giant, but now a shadow of its former self, with all its local factories shut-down – announced March 22 a full-year 2023 net loss of COP$984 million (US$253,000), a slight improvement over the COP$1.37 billion (US$352,000) net loss in 2022. Revenues in 2023 improved […]

Business Companies

Industrias Estra Full-Year 2023 Net Profit Drops 59% Year-on-Year

Medellin Herald March 24, 2024

Medellin-based plastic-products-manufacturer Industrias Estra announced March 21 that its full-year 2023 net profit declined 59% year-on-year, to COP$640 million (US$164,000), from COP$1.58 billion (US$406,000) in 2022. Sales revenues likewise dipped 7% year-on-year, to COP$90.3 billion (US$23 million), resulting “mainly from the decrease in demand in our

Business Companies

Carlos Calleja Becomes First Non-Colombian Head of Grupo Éxito

Medellin Herald March 22, 2024

El Salvador-based supermarket chain Grupo Calleja – which has now completed a buyout of nearly all of the stock of Medellin-based supermarket giant Grupo Éxito – announced March 21 that Carlos Calleja (see photo, above) will replace Carlos Mario Giraldo as head of Grupo Éxito. Nevertheless, Giraldo will remain as general manager of the Colombian […]

Business Companies

EPM Full-Year 2023 Profits Dip 14% Year-on-Year

Medellin Herald March 21, 2024

Medellin-based multinational electric-power, drinking-water and waste-management giant EPM announced March 20 that its full-year 2023 net income fell 14% year-on-year, to COP$3.6 trillion (US$929 million), mainly because of higher costs of electric power. On the other hand, earnings before interest, taxes, depreciation and amortization (EBITDA) in 2023 actually rose 9%