Companies

Nutresa 3Q 2020 Net Income Rises Year-on-Year

Medellin Herald October 31, 2020

Medellin-based multinational prepared-foods giant Grupo Nutresa announced October 30 that its third quarter (3Q) net income rose 7% year-on-year, to COP$142 billion (US$36.6 million). Operating income also rose, to COP$2.8 trillion (US$722 million) in 3Q 2020 versus COP$2.5 trillion (US$645

Companies

Éxito 3Q 2020 Profits Soar 369% Year-on-Year; ‘Sustainable Livestock’ Initiative Launches

Medellin Herald October 29, 2020

Medellin-based multinational supermarket and home-products giant Grupo Exito announced October 28 that its third quarter (3Q) 2020 net profits jumped by 369% year-on-year, to COP$52 billion (US$13.5 million). On the other hand, recurring earnings before interest, taxes, depreciation and amortization (EBITDA) actually dipped 9.4% year-on-year, although sales rose a modest

Companies

PepsiCo Unveils US$93 Million Snack-Foods Plant Project in Antioquia

Medellin Herald October 15, 2020

U.S.-based multinational snack-foods giant PepsiCo announced October 14 a US$93 million investment in a production plant in Guarne, Antioquia, just east of Medellin. Colombia President Ivan Duque hailed the announcement during a nationally televised address October 14, citing this latest example of economic reactivation initiatives here even in the face of the Covid-19

Companies

EPM Now Controls ‘Afinia’ Electric Power Group in Caribbean Market; Faces US$2 Billion Investment Risk, Massive Culture of Non-Payment

Medellin Herald October 1, 2020

Colombia’s national government on September 30 officially signed papers handing-over half of the former “Electricaribe” power operation in five Caribbean coastal departments to Medellin-based EPM effective October 1. The deal for what was once dubbed “CaribeMar” means that as of today (October 1), the new “Afinia” unit of EPM is now responsible for investing at […]

Companies

Sura Insurance Exposure ‘Very Low’ in US$2.6 Billion Hidroituango Conciliation Lawsuit

Medellin Herald August 18, 2020

Medellin-based multinational insurance giant Seguros Sura announced August 16 that while it’s partly vulnerable to EPM’s new US$2.6 billion “conciliation” lawsuit against Hidroituango contractors and insurers, its net exposure is “very low.” “Seguros Sura is not the insurer of Hidroituango’s construction damage policy [actually, that policy is covered by Mapfre insurance];

Companies

Grupo Sura 2Q 2020 Net Income Falls 17.7% Year-on-Year; 1H 2020 Down 74%

Medellin Herald August 15, 2020

Medellin-based multinational insurance, pensions and investments giant Grupo Sura announced August 14 that its second quarter (2Q) 2020 net income fell 17.7%, to US$87 million, while first half (1H) net income dropped 74%, to US$66 million. During 1H 2020, “despite the [Covid-19] pandemic, revenues totaled COP$10 trillion [US$2.72 billion, down 4% year-on-year], with

Companies

Enka Posts COP$1.4 Billion Net loss for 2Q 2020 on Covid-19 Impact

Medellin Herald August 15, 2020

Medellin-based textiles and plastics recycling giant Enka Colombia on August 14 posted a COP$1.4 billion (US$369,000) net loss for second quarter (2Q) 2020, down from a COP$3.2 billion (US$843,000) net profit in 2Q 2019. Gross revenues fell 40%, to COP$58 billion (US$15 million), versus COP$97 billion (US$25 million) in 2Q 2019, according to the company. […]

Companies

Grupo Argos 2Q 2020 Net Income Plummets 72% Year-on-Year on Covid-19 Impacts

Medellin Herald August 14, 2020

Medellin-based cement, electric power and highway/airports concessionaire Grupo Argos on August 13 reported a second quarter (2Q) 2020 net income of COP$62 billion (US$16 million), down 72% year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 15% year-on-year, to COP$890 billion (US$236 million), while gross revenues fell 14%, to

Companies

Construcciones El Condor 2Q 2020 Profits Soar Year-on-Year Despite Covid-19 Slowdowns

Medellin Herald August 13, 2020

Medellin-based highway- and tunnel-construction giant Construcciones El Condor on August 12 reported a 221% year-on-year jump in second quarter (2Q) 2020 net income, to COP$15.8 billion (US$4.2 million). The big jump in profits is explained by the COP$13 billion (US$3.4 million) net loss recorded in 2Q 2019 “due to the incorporation by the equity method […]

Companies

EPM, Construction Contractors in Conciliation on US$2.6 Billion Losses from Hidroituango Tunnel Collapse in 2018

Medellin Herald August 11, 2020

Medellin-based electric power giant EPM announced August 10 a new conciliation process with the “Hidroituango” design and construction contractors to resolve an estimated US$2.6 billion in losses resulting from a diversion tunnel collapse at the hydroelectric dam project two years ago. The conciliation process aims to avoid a lengthy court battle over damage claims at […]