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

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

Business Companies

Postobón, Enka Ink Huge Plastics-Recycling Deal for PET Bottles

Medellin Herald December 17, 2023

Medellin-based plastics-recycling giant Enka on December 14 announced a deal to supply its “Eko-Pet” plastic resin for production of new plastic bottles with Cali-based, national bottled-drinks giant Postobón. The 10-year supply deal “will strengthen the implementation of the circular economy in Colombia, closing the cycle of PET, a 100% infinitely recyclable material,

Business Companies

EPM Must Pay US$196 Million for 2018 Hidroituango Tunnel Collapse Damages: Arbitrators

Medellin Herald December 8, 2023

A special arbitration panel at the Medellin Chamber of Commerce has just ordered Medellin-based utilities giant EPM to pay COP$781 billion (US$196 million) to the major owners of the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project here in Antioquia. The ruling is a big win for the Antioquia departmental government and its development agency (IDEA) who […]

Business Companies

Grupo IMSA Nine-Months 2023 Net Profits Triple Year-on-Year

Medellin Herald November 16, 2023

Medellin-based Grupo IMSA announced November 14 that its nine-months (January through September) 2023 net income tripled year-on-year, to COP$81 billion (US$19.8 million), from COP$27 billion (US$6.6 million) in nine-months 2022. Revenues for nine-months 2023 also jumped, to COP$136 billion (US$33.3 million), versus COP$109 billion (US$26.7 million) for nine-months 2022.

Business Companies

Coltejer Sees 2023 Profit Rebound in Clothing Imports, Property Revaluations

Medellin Herald November 16, 2023

Medellin-based Coltejer – for more than 100 years a historic giant in Colombian textile production, but not anymore – on November 14 reported a third quarter (3Q) 2023 net profit of COP$52 billion (US$12.7 million) — a huge improvement over the COP$20.7 billion (US$5.06 million) net loss in 3Q 2022. As for nine-months (January through […]

Business Companies

Grupo Excala/Compañia de Empaques 3Q 2023 Net Income Improves Year-on-Year

Medellin Herald November 16, 2023

Medellin-based multinational specialty fibers and packaging producer Grupo Excala/Compañia de Empaques announced November 14 that its third quarter (3Q) 2023 net income nearly doubled year-on-year, to COP$6.3 billion (US$1.5 million), from COP$3.35 billion (US$820,000) in 3Q 2022. Revenues also rose year-on-year, to COP$33.7 billion (US$8.25 million) in 3Q 2023 versus

Business Companies

Conconcreto Nine-Months 2023 Profits Drop 90% Year-on-Year

Medellin Herald November 15, 2023

Medellin-based construction giant Conconcreto on November 14 posted a consolidated net profit of COP$6.1 billion (US$1.5 million) for nine-months (January through September) 2023 — a 90% year-on-year decline. “In the current macroeconomic context characterized by inflationary uncertainty and high interest rates, the company has demonstrated its ability to