Companies

Update: Medellin City Council Reverses Planned Sale of EPM’s 50% Stake in UNE

Medellin Herald September 20, 2022

The Medellin City Council on September 29 decided to reverse an earlier vote that would have approved the sale of city-owned utility EPM’s 50% stake in telecom-internet giant UNE to Millicom Spain, which holds the other 49.9% of shares. Following an earlier provisional vote to approve the sale,

Companies

Odinsa Inks Huge Highway-Concessions Alliance with Macquarie

Medellin Herald September 2, 2022

Medellin-based highway/airport concessionaire Odinsa – a division of cement, electric-power and concessions conglomerate Grupo Argos – announced this morning (September 2) a strategic alliance with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) and its affiliate Macquarie Infrastructure Partners-V (MIP-V). According to Odinsa,

Companies

Grupo Imsa First-Half 2022 Profits Jump 136% Year-on-Year

Medellin Herald September 1, 2022

Medellin-based multinational Grupo Imsa – a spinoff last November from Medellin-based paints, chemicals and hardware multinational Grupo Orbis, the latter now part of global chemicals giant AkzoNobel – on August 31 posted a second quarter (2Q) 2022 net profit of COP$2.24 billion (US$501,000), while first-half (1H) net profits soared 136% year-on-year, to COP$13.437 billion

Companies

Antioquia Gold Posts 2Q 2022 Net Profit, Reversing Net Loss in 2Q 2021

Medellin Herald August 29, 2022

Vancouver, Canada-based Antioquia Gold on August 26 announced a second quarter (2Q) 2022 net profit of CAD$474,000 (US$364,500), a big improvement over the CAD$2.6 million (US$2 million) net loss for 2Q 2021. Revenues from the company’s sole asset – its Cisneros, Antioquia mining operations — nearly doubled year-on-year, to CAD$30.5 million (US$23 million), while

Companies

Conconcreto 2Q 2022 Net Income Rises 14% Year-on-Year

Medellin Herald August 18, 2022

Medellin-based multinational construction giant Conconcreto announced August 17 that its second quarter (2Q) 2022 net income rose 14% year-on-year, to COP$47 billion (US$10.7 million). Revenues jumped 67% year-on-year, to COP$528 billion (US$120 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 21%, to COP$79.5 billion (US$18

Companies

Grupo Argos 2Q Net Income Rises 5% Year-on-Year

Medellin Herald August 13, 2022

Medellin-based multinational cement, electric power, highways/airport concessionaire and real-estate giant Grupo Argos announced August 12 that its second quarter (2Q) consolidated net income rose 5% year-on-year, to COP$411 billion (US$98.7 million). Revenues jumped 46% year-on-year, to COP$5.9 trillion (US$1.4 billion), while earnings before interest, taxes, depreciation

Companies

Grupo Sura 2Q 2022 Net Income Jumps 30.7% Year-on Year

Medellin Herald August 13, 2022

Medellin-based multinational insurance, health care and asset-management group Grupo Sura announced August 12 that its second quarter (2Q) 2022 net income rose 30.7% year-on-year, to COP$603 billion (US$145 million) – its best quarterly performance in seven years. Total revenues likewise rose 23%, to COP$7.5 trillion (US$1.8 billion), an all-time quarterly record,

Companies

Grupo Orbis 1H 2022 Net Profit Dips Year-on-Year

Medellin Herald August 13, 2022

Medellin-based paints, chemicals and hardware multinational Grupo Orbis – now a division of Netherlands-based AkzoNobel – on August 12 reported a first-half (1H) 2022 net profit of COP$19.3 billion (US$4.6 million), down from COP$22.9 billion (US$5.5 million) in 1H 2021. Gross income was basically flat year-on-year, at COP$897 billion (US$215 million), according to

Companies

Fabricato 2Q 2022 Net Income Best in Five Years

Medellin Herald August 13, 2022

Medellin-based textile giant Fabricato announced August 12 that its second quarter (2Q) 2022 net income hit COP$5.1 billion (US$1.22 million) – its best quarter in five years — while first-half (1H) 2022 net income is up 110% year-on-year. Sales during 2Q 2022 also hit levels not seen since 2013, at COP$235 billion (US$56.5 million), while […]

Companies

Enka 1H 2022 Net Income Drops 31% Year-on-Year

Medellin Herald August 13, 2022

Medellin-based textiles and plastics/polyester recycling specialist Enka announced August 12 that its first-half (1H) 2022 net income fell 31% year-on-year, to COP$20.3 billion (US$4.87 million). The company blamed the decline on “lower operating income, foreign exchange differences and an increase in financial expenses as a result of increased indebtedness.” Earnings