Business Companies Uncategorized

Éxito 2Q 2024 Net Loss 3-Times Worse Than 2Q 2023

Medellin Herald August 13, 2024

Medellin-based multinational supermarket giant Grupo Éxito announced August 12 a COP$18.7 billion (US$4.6 million) net loss for second quarter (2Q) 2024 — a 203% year-on-year decline from the COP$6.2 billion (US$1.5 million) net loss in 2Q 2023. Sales also dipped 1% year-on-year, to

Business Companies

Cementos Argos 2Q 2024 Net Income Dips 6.5% Year-on-Year

Medellin Herald August 10, 2024

Medellin-based multinational cement/concrete giant Cementos Argos announced August 9 a 6.5% year-on-year decline in second quarter (2Q) 2024 net income, to COP$127 billion (US$31 million), from COP$136 billion (US$33 million) in 2Q 2023. Revenue also declined 3.4% year-on-year, to COP$1.34 trillion (US$329 million), versus COP$1.39 trillion (US$341 million) in 2Q 2023. On

Business Companies

Construcciones El Condor Posts 2Q 2024 Net Loss

Medellin Herald August 10, 2024

Medellin-based highway construction giant Construcciones El Cóndor announced August 9 a net loss of COP$64.7 billion (US$15.9 million) for second quarter (2Q) 2022 — but that was a 19% year-on-year improvement over the COP$79.6 billion (US$19.5 million) net loss in 2Q 2023. Gross income also improved by 34.7% year-on-year, to COP$583 billion (US$143 million), versus

Business Companies

Bancolombia 2Q 2024 Net Income Dips 1.5% Year-on-Year

Medellin Herald August 9, 2024

Medellin-based multinational banking giant Bancolombia announced August 8 that its second quarter (2Q) 2024 net income dipped 1.5% year-on-year, to COP$1.44 trillion (US$354 million), from COP$1.46 trillion (US$359 million) in 2Q 2023. Compared to first quarter (1Q) 2024, net income fell 13.4% — mainly due to provision charges for past-due loans for comercial

Business Companies

Grupo Nutresa 2Q 2024 Net Income Rises 17.4% Year-on-Year

Medellin Herald July 27, 2024

Medellin-based multinational foods giant Grupo Nutresa announced July 25 that its second quarter (2Q) 2024 net income rose 17.4% year-on-year, to COP$164 billion (US$40.8 million), from COP$140.4 billion (US$34.9 million) in 2Q 2023. Gross revenues for 2Q 2024 rose 4.9% year-on-year, to COP$565 billion (US$140.6 million), according to a filing with Colombia´s

Business Companies

Fabricato Falls Into Bankruptcy

Medellin Herald July 13, 2024

Medellin-based textile giant Fabricato S.A. announced July 12 in a filing with Colombia’s Superfinanciera oversight agency that it has formally entered bankruptcy protection. The bankruptcy filing “has as its objective the protection of credit and the recovery and conservation of the company as a unit of economic exploitation and source of employment, through

Business Companies

Medellin Mayor Proposes Sale of EPM’s 49.99% Share of Tigo-UNE

Medellin Herald July 5, 2024

Medellin Mayor Federico Gutiérrez announced July 4 that he will bring a proposal to the Medellin City Council this month to sell city-owned EPM’s 49.99% share of telecom-internet-cable-TV giant Tigo-Une. The move comes on the heels of Atlas Luxco’s US$4.1 billion proposal to buy-out Luxembourg-based Millicom. Millicom owns the other half of Tigo-UNE here in […]

Business Companies

Start-Up Solar-Photovoltaic Energy Company Targets ‘Greener’ Growth

Medellin Herald May 23, 2024

Medellin’s up-and-coming “Oriente” suburbs not only host the JMC International Airport and burgeoning residential/commercial developments, but also some unusually innovative companies — including a far-sighted solar photovoltaic (PV) start-up by the name of “50/50 Group.” Initially created in 2021 by (now-retired) former Shell Manager Claudia Zuluaga as a “green”

Business Companies

Grupo Excala Post 1Q 2024 Net Loss

Medellin Herald May 16, 2024

Medellin-based multinational specialty-fibers and packaging producer Grupo Excala/Compañia de Empaques announced May 14 a net loss of COP$918 million (US$240,000) for first quarter (1Q) 2024. The loss was blamed on a COP$9.08 billion (US$2.37 million) deterioration in the value of Excala’s investment in agroindustrial production of fique fiber. Excala meanwhile reported a

Business Companies

Grupo Sura 1Q 2024 Profits Jump 488% On One-Time Gains

Medellin Herald May 16, 2024

Medellin-based insurance, health-care and asset-management multinational Grupo Sura announced May 15 that first quarter (1Q) 2024 net income soared 488% year-on-year, to COP$4.9 trillion (US$1.28 billion). Total revenues likewise jumped 52.2% year-on-year, to COP$13.6 trillion (US$3.55 billion). “This increase is mainly due to a 365.7% growth in revenue from investments,