Business Companies

Aris Mining Posts US$12.4 Million Net Income for 3Q 2023

Medellin Herald November 10, 2023

Vancouver, British Columbia-based Aris Mining – which bought the former GCM/Gran Colombia Gold assets here in Antioquia last year – on November 8 posted a US$12.4 million profit for third quarter (3Q) 2023, a sharp reversal from the 3Q 2022 net loss of US$48.3 million. Adjusted earnings before

Business Companies

Mineros SA Posts Net Loss for 3Q 2023 on Argentina Mine Sale/Write-Off

Medellin Herald November 10, 2023

Medellin-based multinational gold miner Mineros SA on November 10 posted a third quarter (3Q) 2023 net loss of US$32.5 million — a sharp reversal from the US$2.6 million net profit in 3Q 2022. “The loss from discontinued operations reflects the value of the loss on the sale of the Gualcamayo property in Argentina (-US$33.5 million), […]

Business Companies

Isagen 3Q 2023 Profits Drop 49% Year-on-Year

Medellin Herald November 10, 2023

Medellin-based electric power generator Isagen announced November 9 that its third quarter (3Q) 2023 net income fell 49% year-on-year, to COP$157.7 billion (US$39 million), partly because of soaring financial costs. The company saw its financial expenses jump 33% year-on-year, “mainly due to the increase in the level of debt and the increase in interest rates,” […]

Business Companies

Grupo Argos 3Q 2023 Net Profit Up 13% Year-on-Year

Medellin Herald November 10, 2023

Medellin-based Grupo Argos – parent of cement/concrete giant Cementos Argos, power producer Celsia and airports/highways concessionaire Odinsa – on November 9 reported that third quarter (3Q) net income rose 13% year-on-year, to COP$367 billion (US$90.7 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1%, to COP$1.28 trillion (US$316

Business Companies

Bancolombia 3Q 2023 Net Income Dips 8.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational banking giant Bancolombia announced November 8 that its third quarter (3Q) net income dipped 8.7% year-on-year, to COP$1.5 trillion (US$371 million). “Annualized return on equity (ROE) at the consolidated level was 16.1% for the latest quarter and 16.7% for the last 12 months,” according to the company. Gross loans dipped 1.2% versus second

Business Companies

Éxito Posts Net Loss for 3Q 2023 on Higher Financial Expenses

Medellin Herald November 9, 2023

Medellin-based multinational supermarket/dry goods retailer Almacenes Éxito on November 8 posted a third quarter (3Q) 2023 net loss of COP$31.7 billion (US$7.8 million) — a 163% year-on-year decline, as 3Q 2022 produced a net profit of COP$49.9 billion (US$12.3 million). While higher financial expenses hurt the bottom line this year, recurring earnings before

Business Companies

Celsia 3Q 2023 Net Income Falls 26.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational electric power producer Celsia on November 8 announced a 26.7% year-on-year decline in third quarter (3Q) 2023 net income, to COP$81.67 billion (US$20.3 million) –- mainly due to soaring financial expenses. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 2.4% year-on-year, to COP$414 billion (US$102.6 million),

Business Companies

Cementos Argos 3Q 2023 Profits Jump 173% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational cement/concrete giant Cementos Argos announced November 8 that its third quarter (3Q) 2023 net income soared 173% year-on-year, to COP$250 billion (US$61.7 million). The profits jump came despite a 1% decline in gross revenue, at COP$3.087 trillion (US$762 million), while earnings before interest, taxes, depreciation and amortization (EBITDA)

Business Companies

ISA 3Q 2023 Net Income Drops 23% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric-power, highways and telecom giant ISA announced November 2 that its third quarter (3Q) 2023 net income fell 23% year-on-year, to COP$512 billion (US$126 million). Operating revenues likewise dipped 11%, to COP$3.2 trillion (US$789 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 15%, to

Business Companies

EPM Nine-Months 2023 Net Profits Grow 11% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric power and utilities giant EPM announced November 1 that its nine-months (January through September) 2023 net profits hit COP$3.4 trillion (US$837 million), up 11% year-on-year. The City of Medellin — EPM’s sole owner — has netted COP$1.4 trillion (US$345 million) so far this year thanks to the profitable results, according