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

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%

Business Companies

Enka Full-Year 2023 Profits Dip 18.6% Year-on-Year

Medellin Herald March 15, 2024

Medellin-based textiles and plastics-recycling giant Enka announced March 14 that its full-year 2023 profits fell 18.6% year-on-year, to COP$20 billion (US$5.14 million), mainly due to “higher financial costs.” Earnings before interest, taxes, depreciation and amortization also fell 14% year-on-year, to COP$46.8 billion (US$12 million), while revenues dipped 4.6%, to

Business Companies

Aris Mining Achieves Profitable 2023, Reversing Net Losses in 2022

Medellin Herald March 7, 2024

Vancouver, Canada-based Aris Mining – operator of the giant Segovia gold mine here in Antioquia and the Marmato gold mine in nearby Caldas department – announced March 6 a full-year 2023 net profit of US$11.4 million, up from a US$4.8 million net loss in 2022. Revenues for full-year 2023 also improved, to US$447 million, up […]

Business Companies

Grupo Argos Profits Hit All-Time Record in 2023

Medellin Herald March 2, 2024

Medellin-based multinational Grupo Argos – the holding company for Cementos Argos (cement/concrete), Celsia (electric power) and Odinsa (airport/highways concessionaire) – announced February 23 a record net income for full-year 2023, at COP$789 billion (US$200 million), up 128% year-on-year. Consolidated revenues likewise soared 83% year-on-year, to COP$22.6 trillion