Business Companies

Grupo Éxito Posts Net Loss for 1Q 2024

Medellin Herald May 9, 2024

Medellin-based multinational supermarket/dry-goods retailer Grupo Éxito – now a subsidiary of El Salvador-based Grupo Calleja – on May 8 posted a COP$37.8 billion (US$9.7 million) net loss for first quarter 2024. That represents an 184% decline from the net profit of COP$45 billion (US$9.6

Business Companies

EPM 1Q 2024 Net Income Up 6% Year-on-Year

Medellin Herald May 8, 2024

Medellin-based multinational electric-power, water, wastewater and trash-disposal giant EPM announced May 7 a 6% year-on-year hike in net income, hitting COP$1.7 trillion (US$435 million) Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17% year-on-year, to COP$3.4 trillion (US$871 million), while gross revenues rose 12% year-on-year, to

Business Companies

Celsia 1Q 2024 Net Income Plummets 75.7% Year-on-Year

Medellin Herald May 7, 2024

Medellin-based electric-power generator Celsia announced May 6 that its first quarter (1Q) 2024 net income plunged 75.7% year-on-year, to COP$29.7 billion (US$7.6 million), from COP$122 billion (US$31 million) in 1Q 2023. Revenues for 1Q 2024 dipped 8.7% year-on-year, to COP$1.37 trillion (US$352 million), while earnings before interest, taxes, depreciation and

Business Companies

Fabricato Posts Another Net Loss for 1Q 2024, Inks Brazilian Alliance Deal

Medellin Herald May 1, 2024

Medellin-based textile giant Fabricato announced April 30 a first quarter (1Q) 2024 net loss of COP$13.5 billion (US$3.45 million) — a 41% improvement year-on-year, but continuing a string of net losses that have plagued it for more than a year. Gross revenues for 1Q 2024 also declined year-on-year, to COP$68 billion (US$17.3 million), although earnings […]

Business Companies

ISA 1Q 2024 Net Income Falls 23% Year-on-Year

Medellin Herald May 1, 2024

Medellin-based multinational electric-power transmission, highways and telecom operator ISA announced April 30 that its first quarter (1Q) 2024 net income fell 23% year-on-year, to COP$634 billion (US$162 million). Operating income (excluding construction) dipped 12% year-on-year, to COP$2.7 trillion (US$689 million), while earnings before interest, taxes, depreciation and

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 (EBITDA) as measued in Colombian pesos dipped 3.8% year-on-year, to COP$647 billion

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