Companies

Sura 2017 Net Income Falls 13% Year-on-Year on Unfavorable COP/Dollar Rates

Medellin Herald February 27, 2018

Medellin-based multinational insurance and asset-management giant Grupo Sura announced February 27 that its full-year 2017 net profits fell 13% year-on-year – to COP$1.45 trillion (US$493 million) — mainly because of changes in the exchange rate between the U.S. dollar and the Colombian

Companies

Grupo Argos 2017 Net Income Jumps 29% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational cement, power and highway/airport-concession giant Grupo Argos announced this month that its full-year 2017 net income rose 29% year-on-year, to COP$453 billion (US$158 million). Argos also reported earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7% year-on-year, to COP$630 billion (US$220 million), with EBITDA

Companies

Exito Full-Year 2017 Net Profits Rise 500% Year-on-Year

Medellin Herald February 26, 2018

Medellin-based multinational retail giant Grupo Exito announced February 21 that its full-year 2017 net profits rose five-fold year-on-year, to COP$217 billion (US$76 million). Exito credited the improvement “mainly to solid operating results in Brazil,” lower interest rates in Brazil and Colombia, and productivity improvements corporate-wide. Gross revenues rose 9.4%

Companies

Bancolombia 4Q 2017 Net Income Falls 20% Year-on-Year

Medellin Herald February 26, 2018

Medellin-based international banking giant Bancolombia announced February 21 that its fourth quarter (4Q) 2017 net income fell 20.25% year-on-year, to COP$902 billion (US$318 million), from COP$1.13 trillion (US$398 million) in 4Q 2016. Net loans grew 4.9% in 4Q 2017 versus 4Q 2016 – an indicator of “moderation in credit demand in Colombia,” according to the […]

Companies

Creytex ‘Intelligent Factory’ Shows How Medellin Can Compete in ‘Fast Fashion’

Medellin Herald February 10, 2018

Starting humbly from a garage workshop in 1971, Medellin-based clothing manufacturer Creytex has since become an especially successful innovator in the fiercely competitive global textile/clothing business. It’s an exceptional story, as most local textile and clothing manufacturers here experienced sharp declines last year in the Colombian domestic market — due

Companies

Cemex Colombia 4Q 2017 Earnings Decline Year-on-Year; Maceo Plant in Limbo

Medellin Herald February 9, 2018

Cemex Colombia fourth quarter (4Q) 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) fell 20% year-on-year, to US$30 million, Cemex Latam Holdings (CLH) announced February 8. Net sales for the CLH-Colombia division also fell 12% year-on-year, to US$134 million, according to the company. For CLH’s regional operations, “during the fourth

Companies

Exito’s ‘Didetexco’ Alliance Helps Colombia Compete in Tough Clothing Markets

Medellin Herald January 28, 2018

Medellin-based multinational retail giant Exito is enjoying ever-greater success with its “Didetexco” clothing manufacture/export subsidiary – even in the face of Colombia’s  competitive problems with illegal, below-cost, and unethical clothing vendors (mainly exporting from Asia). In a presentation to the Colombiatex 2018 annual show here January 23, Didetexco general

Companies

Celsia Full-Year 2017 Profits Rise 47% Despite Lower Power Prices

Medellin Herald January 27, 2018

Medellin-based Celsia – the electric-power division of corporate giant Grupo Argos – on January 26 reported full-year 2017 net profits of COP$251 billion (US$89 million), up 47% from COP$171 billion (US$61 million) in 2016. Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$1.12 trillion (US$399 million) for full-year 2017, up 9% year-on-year

Companies

ACI Touts Arrival of Swiss Multinational Amaris to Medellin’s ‘Ruta N’

Medellin Herald January 19, 2018

Medellin business-development agency Agencia de Cooperación e Inversión de Medellín y el Área Metropolitana (ACI) announced January 19 that Switzerland-based multinational consultant Amaris plans to expand its Colombian and South American operations following start-up of new offices at Medellin’s “Ruta N” high-tech hosting center. “Teamwork between ACI Medellín, Ruta N and

Companies

EPM Taps IDB, International Banks for US$1 Billion ‘Hidroituango’ Finance

Medellin Herald December 31, 2017

Medellin-based multinational power giant EPM announced December 29 that it won a US$1 billion credit from the Interamerican Development Bank (IDB) “Invest” funding subsidiary for debt finance of its 2.4-gigawatt, US$5 billion “Hidroituango” hydroelectric project in Antioquia. The credit package includes payback terms of eight-to-12 years. Draws would take place during a