Companies

EPM Confirms December 2021 Hidroituango Startup Target; September 2020 ‘CaribeMar’ Takeover

Medellin Herald May 7, 2020

EPM general manager Álvaro Guillermo Rendón López confirmed in a televised May 7 address that the company continues to aim for a December 2021 startup of its US$5 billion, 2.4-gigawatt Hidroituango hydroelectric plant in Antioquia. In his address, Rendón revealed that the Hidroituango project

Companies

Cementos Argos 1Q 2020 Net Income Drops 73% Year-on-Year

Medellin Herald May 6, 2020

The Coronavirus crisis continues to slam companies as Medellin-based cement/concrete multinational Cementos Argos reported May 6 that its first quarter (1Q) 2020 net income dropped 73% year-on-year, to COP$18 billion (US$4.6million). Corporate-wide cement sales dropped 6% year-on-year, while ready-mixed concrete sales declined 16% as a result of the crisis. Earnings before

Companies

Celsia 1Q 2020 Net Income Rises 38% Year-on-Year; Covid-19 Subsidies Expand

Medellin Herald May 6, 2020

Medellin-based electric power giant Celsia announced May 4 that first quarter (1Q) 2020 net income rose 38% year-on-year, to COP$86.7 billion (US$21.8 million). Consolidated revenues for the quarter rose 1% versus fourth-quarter 2020, to COP$928 billion (US$234 million). Colombia revenues represented 84% of the total, with Central America operations accounting for the

Companies

Fabricato 1Q 2020 Net Loss Declines Year-on-Year; Coronavirus Slams Sales

Medellin Herald May 1, 2020

Medellin-based textile giant Fabricato revealed in a May 1 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net loss totaled COP$8.97 billion (US$2.26 million) — a 33% improvement over the COP$13.3 billion (US$3.35 million) net loss in 1Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) soared by

Companies

Coronavirus Crisis Temporarily Hurts Cemex LatAm; Colombia Rebound Starts on Highway Demand

Medellin Herald April 30, 2020

Colombia-based Cemex LatAm Holdings (CLH) on April 30 posted a corporate-wide US$30 million net loss for first quarter (1Q) 2020 — down from a 1Q 2019 net profit of US$16 million as the Coronavirus crisis slashed demand for cement and concrete. In Colombia, cement demand looked relatively strong in January and February — but then […]

Companies

Hidroituango Hydroelectric Project Repairs 65% Complete at 2-Year Anniversary of Tunnel Collapse

Medellin Herald April 26, 2020

Medellin-based electric power giant EPM announced April 25 that the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric power project in Antioquia – one of the world’s biggest — continues to make progress following a destructive bypass tunnel collapse two years ago. That collapse and subsequent damage to the machine room and related facilities caused a three-year

Companies

Hidroituango Hydroelectric Project Repairs 65% Complete at 2-Year Anniversary of Tunnel Collapse

Medellin Herald April 26, 2020

Medellin-based electric power giant EPM announced April 25 that the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric power project in Antioquia – one of the world’s biggest — continues to make progress following a destructive bypass tunnel collapse two years ago. That collapse and subsequent damage to the machine room and related facilities caused a three-year

Companies

Nutresa 1Q 2020 Profits Rise 9% Year-on-Year

Medellin Herald April 25, 2020

While most Colombia-based companies are getting clobbered by the Coronavirus crisis, companies making and selling groceries and prepared foods through stores to date are doing relatively well. Example: Medellin-based multinational foods giant Grupo Nutresa on April 24 reported a COP$190 billion (US$47 million) consolidated net profit for first quarter (1Q) 2020, up 9.1%

Companies

AngloGold’s ‘Quebradona’ Mine Project in Antioquia Resumes Preliminary Works with Strict Health Protocols; Environmental Licensing Process Continues

Medellin Herald April 23, 2020

AngloGold Ashanti Colombia announced April 23 that its proposed “Quebradona” copper-gold mine project near Jerico, Antioquia soon will get a second information-gathering visit from Colombia’s Agencia Nacional de Licencias Ambientales (ANLA, the environmental permitting agency). Commenting on the news, company president Felipe Marquez added that the upcoming site visit “is

Companies

Éxito Producing 2 Million Coronavirus Masks Every Week; Heading to Stores Soon

Medellin Herald April 8, 2020

Medellin-based Grupo Exito announced April 7 that it’s accelerating mass production of special masks to protect against Coronavirus infections – and plans to sell the masks at its Exito, Carulla, Surtimax, SuperInter and Surtimayorista stores throughout Colombia. “Today more than 3,000 people are dedicated to making face masks in the workshops where the clothes of […]