Business Companies

Mineros SA 2023 Net Income Rises 18% Year-on-Year

Medellin Herald February 16, 2024

Medellin-based multinational gold miner Mineros SA announced February 15 that its full-year 2023 net income for continuing operations grew by 18% year-on-year, to US$301 million, from US$255 million in 2022. Commenting on the results, Mineros President Andrés Restrepo explained that “we had a

Business Companies

Fabicato Denounces Denim Contraband, But Nixes Erroneous ‘Bankruptcy’ Report

Medellin Herald January 31, 2024

The president of Medellin-based textile giant Fabricato SA on January 30 publicly denounced growing, apparently illegal denim-fabric smuggling into Colombia – which helps explain why the company has already slashed its own denim production by almost 80%. In a filing with Colombia’s Superfinanciera corporate oversight agency, Fabricato President Gustavo Alberto Lenis

Business Companies

Postobón, Enka Ink Huge Plastics-Recycling Deal for PET Bottles

Medellin Herald December 17, 2023

Medellin-based plastics-recycling giant Enka on December 14 announced a deal to supply its “Eko-Pet” plastic resin for production of new plastic bottles with Cali-based, national bottled-drinks giant Postobón. The 10-year supply deal “will strengthen the implementation of the circular economy in Colombia, closing the cycle of PET, a 100% infinitely recyclable material,

Business Companies

EPM Must Pay US$196 Million for 2018 Hidroituango Tunnel Collapse Damages: Arbitrators

Medellin Herald December 8, 2023

A special arbitration panel at the Medellin Chamber of Commerce has just ordered Medellin-based utilities giant EPM to pay COP$781 billion (US$196 million) to the major owners of the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project here in Antioquia. The ruling is a big win for the Antioquia departmental government and its development agency (IDEA) who […]

Business Companies

Grupo IMSA Nine-Months 2023 Net Profits Triple Year-on-Year

Medellin Herald November 16, 2023

Medellin-based Grupo IMSA announced November 14 that its nine-months (January through September) 2023 net income tripled year-on-year, to COP$81 billion (US$19.8 million), from COP$27 billion (US$6.6 million) in nine-months 2022. Revenues for nine-months 2023 also jumped, to COP$136 billion (US$33.3 million), versus COP$109 billion (US$26.7 million) for nine-months 2022.

Business Companies

Coltejer Sees 2023 Profit Rebound in Clothing Imports, Property Revaluations

Medellin Herald November 16, 2023

Medellin-based Coltejer – for more than 100 years a historic giant in Colombian textile production, but not anymore – on November 14 reported a third quarter (3Q) 2023 net profit of COP$52 billion (US$12.7 million) — a huge improvement over the COP$20.7 billion (US$5.06 million) net loss in 3Q 2022. As for nine-months (January through […]

Business Companies

Grupo Excala/Compañia de Empaques 3Q 2023 Net Income Improves Year-on-Year

Medellin Herald November 16, 2023

Medellin-based multinational specialty fibers and packaging producer Grupo Excala/Compañia de Empaques announced November 14 that its third quarter (3Q) 2023 net income nearly doubled year-on-year, to COP$6.3 billion (US$1.5 million), from COP$3.35 billion (US$820,000) in 3Q 2022. Revenues also rose year-on-year, to COP$33.7 billion (US$8.25 million) in 3Q 2023 versus

Business Companies

Conconcreto Nine-Months 2023 Profits Drop 90% Year-on-Year

Medellin Herald November 15, 2023

Medellin-based construction giant Conconcreto on November 14 posted a consolidated net profit of COP$6.1 billion (US$1.5 million) for nine-months (January through September) 2023 — a 90% year-on-year decline. “In the current macroeconomic context characterized by inflationary uncertainty and high interest rates, the company has demonstrated its ability to

Business Companies

Sura 3Q 2023 Net Income Falls 20.6% Year-on-Year

Medellin Herald November 15, 2023

Medellin-based multinational insurance, health-care and asset-management giant Grupo Sura announced November 14 that its third quarter (3Q) 2023 net income fell 20.6% year-on-year, to COP$328 billion (US$81 million). Despite the profits dip, 3Q 2023 gross revenues actually rose 17% year-on-year, to COP$8.4 trillion (US$2.08 billion). For nine months (January through

Business Companies

Fabricato Posts Net Loss for 1st-Nine-Months of 2023

Medellin Herald November 15, 2023

Medellin-based textile/clothing giant Fabricato announced November 14 a nine-months 2023 (January through September) net loss of COP$78 billion (US$19.6 million), down sharply from a net profit of COP$8 billion (US$2 million) for the comparable first-nine-months of 2022. Revenues for nine-months 2023 also came-in sharply lower year-on-year, at COP$277 billion (US$69