Business Companies

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

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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 […]

Business Companies

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

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Odinsa 2Q 2024 Net Income Plummets 82% Year-on-Year

Medellin Herald August 14, 2024

Medellin-based airports and highways concessionaire Odinsa announced August 12 an 82% plunge in second quarter (2Q) 2024 net income, to COP$45.6 billion (US$11.3 million), from COP$261 billion (US$65 million) in 2Q 2023. Despite the profits dip, revenues actually rose 20% year-on-year, to COP$96 billion (US$24 million). On the other hand, 2Q 2024 earnings before interest,

Business Companies

Conconcreto Posts 2Q 2024 Net Profit, Reversing Net Loss in 2Q 2023

Medellin Herald August 14, 2024

Medellín-based multinational construction giant Conconcreto announced August 13 a second quarter (2Q) 2024 net profit of COP$20 billion (US$4.9 million) — a sharp improvement over the COP$1.5 billion (US$373,000) net loss in 2Q 2023. Revenues also improved 1.4% year-on-year, to COP$272 billion (US$67.7 million), from COP$268 billion (US$66.7 million) in 2Q 2023. The