Business Companies

Construcciones El Condor Posts Worst-Ever Full-Year Results

Medellin Herald February 29, 2024

Medellin-based highway construction giant Construcciones El Condor announced February 28 a full-year 2023 net loss of COP$259.6 billion (US$65.8 million), “the most difficult year in the history” of the company. The net loss in 2023 is almost four times worse than the COP$69.7 billion (US$17

Business Companies

Grupo Éxito Full-Year 2023 Net Profit Jumps 27% Year-on-Year

Medellin Herald February 28, 2024

Medellin-based multinational supermarket giant Grupo Éxito announced February 27 that its full-year 2023 net profit rose 27% year-on-year, to COP$126 billion (US$30 million). Revenues also rose 2.4% year-on-year, to COP $21.1 trillion (US$5.36 billion), or an 8.7% boost if excluding peso-to-dollar exchange-rate effects. Corporate-wide earnings before interest, taxes,

Business Companies

ISA Full-Year 2023 Net Income Jumps 12% Year-on-Year

Medellin Herald February 27, 2024

Medellin-based multinational electric-power transmission, highways and telecom provider ISA announced February 26 that its full-year 2023 net income rose 12% year-on-year, to COP$2.5 trillion (US$635 million). Operating income likewise grew 6% year-on-year, to COP$14.2 trillion (US$3.6 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA)

Business Companies

Grupo Nutresa Full-Year 2023 Net Profits Dip 18% Year-on-Year

Medellin Herald February 23, 2024

Medellin-based multinational processed foods giant Grupo Nutresa announced February 22 that its full-year 2023 net profits declined 18% year-on-year, to COP$739 billion (US$186 million), from COP$903.7 billion (US$228 million) in 2022. Despite the profits dip, total 2023 revenues rose 11% year-on-year, to COP$18.9 trillion (US$4.76 billion), versus COP$17 trillion (US$4.28

Business Companies

Cementos Argos Full-Year 2023 Net Income Jumps 83% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based multinational cement/concrete giant Cementos Argos announced February 20 that its full-year 2023 net income soared 83% year-on-year, to COP$393 billion (US$99.8 million), from COP$215 billion (US$54.6 million) in 2022. Revenues rose 8.8%, to COP$12.7 trillion (US$3.2 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose

Business Companies

Celsia Full-Year 2023 Net Income Falls 21% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based electric power giant Celsia announced February 20 that its full-year 2023 net income declined 21% year-on-year, to COP$349 billion (US$88.8 million), from COP$443 billion (US$112.7 million) in 2022. Despite the profits drop, revenues rose 11.6% year-on-year, to COP$6.23 trillion (US$1.58 billion), while earnings before interest, taxes, depreciation and

Business Companies

Bancolombia Full-Year 2023 Net Income Dips 9.8% Year-on-Year

Medellin Herald February 22, 2024

Medellin-based multinational banking giant Bancolombia announced February 20 that its full-year 2023 net income fell 9.8% year-on-year, to COP$6.1 trillion (US$1.55 billion), from COP$6.78 trillion (US$1.7 billion) in 2022. Meanwhile, annualized return on equity at the consolidated level came-in at 16.1% for full-year 2023, according to the company. Gross loans stood at

Business Companies

Sura’s ‘Protección’ Subsidiary Sells El Salvador Operations for US$60 Million

Medellin Herald February 16, 2024

Medellin-based insurance/pensions/health-care multinational Grupo Sura announced February 15 that its pensions subsidiary Protección just inked a deal to sell its El Salvador financial subsidiary, Pension Funds Crecer. The US$60 million deal means that Protección “will dispose of all the shares it owns in administrator of pension-funds administrator Crecer S.A.,” according

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 solid fourth operating quarter and a year in which we demonstrated our […]

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