Business Companies

Grupo Argos 2Q 2023 Profits Rise 11% Year-on-Year

Medellin Herald August 11, 2023

Medellin-based Grupo Argos – parent company of electric-power producer Celsia, cement/concrete giant Cementos Argos and highway/airport concessionaire Odinsa (the latter an alliance with Macquarie Infrastructure and Real Assets (MIRA) – on August 10 announced an 11% year-on-year hike in second

Business Companies

Aris Mining 2Q 2023 Net Income Soars 252% Year-on-Year; Novel Profit-Share Scheme Debuts

Medellin Herald August 10, 2023

Vancouver, British Columbia-based Aris Mining – owner of the highly productive Segovia, Antioquia gold mine (formerly Gran Colombia Gold, GCM) – announced August 9 that it posted a net profit of US$8.26 million in second quarter (2Q) 2023 — a 252% jump from a net loss of US$5.4 million in 2Q 2022. Gold revenues rose […]

Business Companies

Bancolombia 2Q 2023 Net Income Dips 18% Year-on-Year

Medellin Herald August 10, 2023

Medellin-based multinational banking giant Bancolombia announced August 9 that its second quarter (2Q) net income fell 18% year-on-year, to COP$1.46 trillion (US$369 million). Meanwhile, Bancolombia noted a drastic decline in gross domestic product so far in 2023 and an even weaker outlook for 2024 (see chart, above). “The consolidated gross portfolio was COP$261 billion

Business Companies

Celsia 2Q 2023 Net Income Drops 48%-on-Year

Medellin Herald August 10, 2023

Medellin-based electric power giant Celsia – a division of Grupo Argos — announced August 9 that its second-quarter (2Q) 2022 net income fell 48% year-on-year, to COP$78.6 billion (US$19.8 million) — all due to higher financial expenses. Despite the profits dip, revenues actually rose 31%, to COP$1.58 trillion (US$399 million), while earnings before interest,

Business Companies

Grupo Argos 2Q 2023 Net Income Nearly Quadruples Year-on-Year

Medellin Herald August 8, 2023

Medellin-based multinational cement/concrete giant Grupo Argos announced August 8 that its second-quarter (2Q) 2023 net income rose 248% year-on-year, to COP$218 billion (US$53 million). Operating income rose 24% year-on-year, to COP$6.7 trillion (US$1.69 billion), while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 45%, to COP$1.26

Business Companies

Mineros SA 2Q 2023 Net Income Rises 25% Year-on-Year

Medellin Herald August 4, 2023

Medellin-based multinational gold miner Mineros SA announced August 3 that its second quarter (2Q) 2023 net income rose 25% year-on-year, to COP$56 billion (US$13.8 million). “This increase is largely explained by a higher gross profit, along with higher revenues from fiduciary rights totaling COP$10.5 billion [US$2.6 million] and higher deferred tax credit for totaling

Business Companies

EPM 2Q 2023 Net Income Jumps 27% Year-on-Year

Medellin Herald August 3, 2023

Medellin-based multinational utilities giant EPM announced August 2 that its second quarter (2Q) 2023 net income rose 27% year-on-year, to COP$2.7 trillion (US$652 million). Gross income also rose 21%, to COP$18.3 trillion (US$4.4 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 21% year-on-year, to COP$5.7 trillion

Business Companies

ISA 2Q 2023 Net Income Up 3% Year-on-Year

Medellin Herald August 1, 2023

Medellin-based multinational electric-power transmission, highways concessionaire and telecom provider ISA announced August 1 that its second quarter (2Q) 2023 net income rose 3% year-on-year, to COP$694 billion (US$173 million). “This increase is mainly due to the entry-into-operation of energy transmission projects in Brazil and Colombia; increased construction

Companies Business

Grupo Exito Posts Net Loss For 2Q 2023, Reversing Prior-Year Gains

Medellin Herald August 1, 2023

Medellin-based multinational supermarket and dry-goods retailer Grupo Exito on July 31 posted a COP$6.2 billion (US$1.54 million) net loss for second quarter (2Q) 2023, down from a net profit of COP$62 billion (US$15.4 million) in 2Q 2023. Despite the net loss, consolidated net revenue grew by 8.5% year-on-year, hitting COP$5.1 trillion (US$1.26 billion), “driven by […]

Companies Business

Nutresa 2Q 2023 Net Profit Falls 34% Year-on-Year; Takeover Deal Nears Finalization

Medellin Herald July 29, 2023

Medellin-based multinational foods manufacturer-marketer Grupo Nutresa announced July 28 that its second quarter (2Q) 2023 net profit fell 34.5% year-on-year, to COP$140 billion (US$35.7 million). However, 2Q 2023 earnings before interest, taxes, depreciation and amortization (EBITDA) actually rose 11.8% year-on-year, to COP$539 billion (US$138 million), while operating