Companies

Medellin Mayor Quintero Claims City’s Leading Businesses Are Mafia Gangsters

Medellin Herald January 10, 2022

Medellin Mayor Daniel Quintero claimed in a shocking interview for the January 8 edition of Colombia’s leading weekly Semana news-magazine that Medellin’s leading businesses are in fact run by mafia gangsters who supposedly are out to “get” him. Facing a recall petition for

Companies

EPM Inks 11-Months Contract Extension for Partial Completion of Hidroituango

Medellin Herald December 16, 2021

Medellin-based electric power giant EPM announced this afternoon (December 16) that it just finalized an agreement with the existing, principal constructors of the US$5 billion Hidroituango hydroelectric plant — hence enabling continued construction through November 2022. The deal includes an eight-months extension seen required to finish current installations that

Companies

Mineros SA 3Q 2021 Profits Drop 67% Year-on-Year on Cost Spikes

Medellin Herald November 16, 2021

Medellin-based multinational gold mining giant Mineros SA announced November 15 that third quarter (3Q) 2021 profits fell 67% year-on-year, to US$8.2 million, as cost hikes in Nicaragua and Argentina hurt over-all results. Corporate-wide gold production dipped by 1% year-on year, to 63,758 ounces, “in line with the company’s updated guidance for 2021,” according to

Companies

Grupo Sura 3Q 2021 Net Income Soars 192% Year-on-Year

Medellin Herald November 13, 2021

Medellin-based multinational insurance, health-care and financial-services giant Grupo Sura announced November 12 that its third quarter (3Q) 2021 net income skyrocketed by 192% year-on-year, to COP$445 billion (US$114 million). Revenues rose 23% year-on-year, to COP$6.6 trillion (US$1.7 billion), the company added. As for the first nine months of 2021, net income is up

Companies

Enka Nine-Months 2021 Profits Up Sharply Versus Nine-Months 2020

Medellin Herald November 13, 2021

Medellin-based textiles and plastics-recycling giant Enka de Colombia reported November 12 net income of COP$42 billion (US$10.8 million) for nine-months 2021, a huge improvement over the COP$2.2 billion (US$566,000) net income in nine-months 2020. Nine-months 2021 earnings before interest, taxes, depreciation and amortization (EBITDA) likewise have nearly tripled

Companies

Grupo Argos 3Q 2021 Net Profit Skyrockets Year-on-Year

Medellin Herald November 12, 2021

Medellin-based Grupo Argos – parent of Cementos Argos (cement), Celsia (electric power) and Odinsa (highway/airport concessions) – announced November 11 that its corporate-wide profits for third quarter (3Q) 2021 hit COP$375 billion (US$96 million), up from COP$78 billion (US$20 million) in 3Q 2020. Revenues hit COP$4.1 trillion (US$1.05 billion), up from COP$3.45 trillion

Companies

Construcciones El Condor 3Q 2021 Profits Nearly Unchanged Year-on-Year

Medellin Herald November 12, 2021

Medellin-based highway construction giant Construcciones El Condor announced November 11 that its third quarter (3Q) net income nearly matched that of 3Q 2020, at COP$16 billion (US$4.1 million). However, revenues dropped 34% year-on-year, to COP$372.7 billion (US$95.7 million), according to the company. The drop in revenues “is associated with the completion period of the

Companies

Gran Colombia Gold 3Q Net Income Rises Year-on-Year

Medellin Herald November 12, 2021

Toronto-based Gran Colombia Gold – whose principal mining operations are in Antioquia – on November 11 announced third quarter (3Q) 2021 net income rose to US$25.3 million, up from US$18 million in 3Q 2020. The profit boost came a result of lower tax expense and non-mining income, even as operating income actually fell year-on-year, according […]

Companies

Cementos Argos 3Q 2021 Profits Jump 68% Year-on-Year

Medellin Herald November 9, 2021

Medellin-based multinational cement/concrete giant Cementos Argos reported November 8 a 68% year-on-year hike in third quarter (3Q) 2021 net income, to COP$73 billion (US$18.8 million). Comparable earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 2.4%, to COP$473 billion (US$122 million), “due mainly to the good performance of Colombia in a

Companies

Celsia 3Q 2021 Profits Jump 51.8% Year-on-Year; ‘Green’ Projects Expand

Medellin Herald November 5, 2021

Medellin-based electric power giant Celsia – a division of Grupo Argos – on November 4 reported third quarter (3Q) 2021 net income of COP$105 billion (US$27 million), up 51.8% year-on-year. Revenues in 3Q 2021 climbed 19.4%, to COP$978 billion (US$252 million), while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 23%, to COP$316