Companies

Medellin’s ‘Ruta N’ Hails Konecta’s High-Tech Expansion Here

Medellin Herald March 22, 2018

Medellin’s “Ruta N” technology-company hosting center announced March 22 that Madrid-based Konecta now has 100 engineers working here — and exporting services to nine countries including Spain, Portugal, United Kingdom, Morroco, Argentina, Chile, México, Perú and Brazil. Konecta offers

Companies

EPM 2017 Net Profit Jumps 19% Year-on-Year

Medellin Herald March 21, 2018

Medellin-based multinational utilities giant EPM announced March 20 that full-year 2017 net profits rose 19% year-on-year, to COP$2.2 trillion (US$772 million). As a result, the city of Medellin – EPM’s sole owner — netted COP$1.2 trillion (US$421 million) in profit-sharing, accounting for roughly 20% of the city’s total finances. EPM also invested COP$2.5 trillion

Companies

Protección 2017 Net Income Rises 34% Year-on-Year

Medellin Herald March 21, 2018

Medellin-based pension-fund administrator Protección announced March 16 that its full-year 2017 net income rose 34% year-on-year, to COP$343 billion (US$120 million). Protección is one of the largest of the private pension funds in Colombia, and also owns the “AFP Crecer” pension fund in El Salvador. Earnings before interest, taxes, depreciation and amortization (EBITDA)

Companies

Mineros SA 2017 Profits Rise 32% Year-on-Year; Socially Responsible Projects Grow

Medellin Herald March 17, 2018

Medellin-based gold miner Mineros SA announced March 16 that its full-year 2017 net profits in Colombia rose 16% year-on-year, to COP$114.7 billion (US$40 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) in Colombia hit COP$187.9 billion (US$65.8 million), or 48% of sales. Corporate-wide, consolidated net income rose 32% year-on-year, to

Companies

Enka Full-Year 2017 Net Income Drops, but Exports Climbing

Medellin Herald March 16, 2018

Medellin-based recycled plastics textile manufacturing specialist Enka Colombia announced March 15 that its full-year 2017 net profit fell to COP$1.7 billion (US$595,000), down from COP$10.6 billion (US$3.7 million) in 2016. Colombia’s weak economy in 2017 combined with a 25% drop in domestic demand for textiles hurt Enka sales and profits — but growing exports

Companies

Pactia’s Colombia, U.S. Real-Estate Development Fund Sees 2017 Profits Jump 41.8%

Medellin Herald March 14, 2018

Private real estate development fund Pactia – administered by Medellin-based Fiduciaria Bancolombia – on March 14 announced that full-year 2017 net income jumped 41.8% year-on-year, hitting COP$132 billion (US$46 million). Gross income also rose 25% year-on-year, to COP$224 billion (US$78.7 million), while earnings before interest, taxes, depreciation and amortization

Companies

Stanley Black & Decker Opens Americas-Region Commercial Finance Center in Medellin: ACI

Medellin Herald March 8, 2018

U.S.-based global power tools, appliances and security-systems manufacturer Stanley Black & Decker just decided to make Medellin its new Americas-region financial services unit for commercial customers — creating 200 new jobs here over the next 12 months. According to Medellin’s business-development agency (Agencia de Cooperación e Inversión de Medellín y el Área

Companies

Conconcreto, Construcciones El Condor See 4Q 2017 Profits Dip Year-on-Year

Medellin Herald March 7, 2018

Medellin-based construction giants Conconcreto and Construcciones El Condor separately reported in late February that fourth-quarter (4Q) net earnings dipped slightly in 2017 versus 2016. For Conconcreto, net income fell 14.9% year-on-year in 4Q 2017 versus 4Q 2016, to COP$78 billion (US$27 million), while earnings before interest, taxes, depreciation and amortization

Companies

UNE EPM Cuts Net Loss in 2017 Versus 2016; Millicom Taking Long View

Medellin Herald March 6, 2018

Medellin-based UNE EPM – the minority shareholder in Colombia’s “TigoUne” cell-phone service partnership as well as related internet, cable TV and land-line services – announced last month that the company’s full-year 2017 consolidated revenues dipped slightly year-on-year, to COP$5.06 trillion (US$1.7 billion). Net loss in 2017 also improved year-on-year, to COP$40

Companies

Nutresa Full-Year 2017 Profits Rise 6.2% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational foods giant Grupo Nutresa on February 22 reported a 6.2% year-on-year rise in profits for full-year 2017, hitting COP$420 billion (US$147 million). Consolidated sales rose 2.4% year-on-year, to COP$8.7 trillion (US$3 billion), after excluding sales in economically failing “socialist” Venezuela. In Colombia, sales rose 2.5% year-on-year, to