Companies

Cementos Argos 3Q 2017 Profits Drop 42% Year-on-Year

Medellin Herald November 11, 2017

Medellin-based multinational cement and concrete manufacturer Cementos Argos reported November 10 that its third quarter (3Q) 2017 net income fell 42% year-on-year, to US$22 million, down from US$38 million in 3Q 2016. However, operating income grew 3.9% year-on-year, to COP$2.19 trillion

Companies

Medellin-Based Exporters Hail 1st-Ever Colombian Avocado Shipments to U.S. Market

Medellin Herald November 8, 2017

Three Colombian industrial producers of Hass avocados – all based in the Medellin metro area — this month celebrated the first-ever exports of their products to the U.S. market. The companies – Cartama, Hasspacol and Westsole – are working with California-based Mission Produce to introduce Colombian Hass avocados to the U.S. market, following first-ever import […]

Companies

PharmaCielo Targets 2018 Start-up for Medical Marijuana Commercialization

Medellin Herald November 7, 2017

Having now won crucial Colombian government licenses for cultivation and production of medical marijuana products with “unlimited” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD), Toronto-based PharmaCielo now aims to launch production and commercial marketing in 2018. In a November 7 interview with Medellin Herald, Federico Cock-Correa, the

Companies

ISA 3Q 2017 Net Income Jumps 30.8% Year-on-Year

Medellin Herald November 2, 2017

Medellin-based electric power transmission giant and multinational infrastructure operator ISA reported November 1 that its third quarter (3Q) 2017 net income rose 30.8% year-on-year, to COP$317 billion (US$103 million). The improvement mainly came as a result of greater revenues, a decline in finance costs and favorable Brazilian tax-and-compensation provisions for

Companies

Fabricato Sees 3Q 2017 Net Loss Grow Year-on-Year; Cites Tax, Import Issues

Medellin Herald November 1, 2017

Medellin-based textile giant Fabricato announced October 31 that its third quarter (3Q) 2017 net loss hit COP$19 billion (US$6.2 million), down from a COP$755 million (US$248,000) net profit in 3Q 2016. Sales in 3Q 2017 also fell 23.5% year-on-year, to COP$85 billion (US$28 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell

Companies

EPM Successfully Places US$764 Million Bond Offering

Medellin Herald November 1, 2017

Medellin-based multinational utilities giant EPM announced October 31 that it successfully placed a COP$2.3 billion (US$764 million) 10-year bond offering at 8.375% interest. “This is the third international issue denominated in Colombian pesos,” according to the company. Wall Street bond rater Fitch gave the issue a “BBB+” rating while Moody’s gave it a “Baa2”

Companies

Bancolombia 3Q 2017 Net Profit Dips 1% Year-on-Year; 2.5% GDP Growth Seen in 2018

Medellin Herald October 28, 2017

Medellin-based banking giant Bancolombia – Colombia’s biggest bank and now a growing multinational – reported October 26 that its third quarter (3Q) 2017 net profit dipped 1% year-on-year, to COP$1.7 trillion (US$564 million). However, Bancolombia’s gross portfolio grew 6.5% year-on-year to COP$158 trillion (US$52 billion), of which 25% corresponds to its international

Companies

PharmaCielo Wins 1st ‘Unrestricted’ Colombia License for Medical Marijuana

Medellin Herald October 24, 2017

Toronto, Canada-based PharmaCielo announced October 24 that it has become Colombia’s first medical-marijuana producer to win a license to cultivate cannabis with “unrestricted” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD) alike. As a result, PharmaCielo becomes “the world’s largest licensed producer,” according to the company, which has its marijuana

Companies

USAID, European Buyers Team-up on ‘Better Gold Initiative’

Medellin Herald October 18, 2017

The U.S. Agency for International Development (USAID) announced October 18 that it’s teaming-up with European-based gold buyers to promote environmentally, economically and socially responsible gold mining in Antioquia specifically and Colombia generally. Noting that gold production in Colombia is up year-on-year — and development projects underway are expected to

Companies

Avianca Hails Court Decision Declaring ACDAC Pilots’ Strike Illegal

Medellin Herald October 7, 2017

Avianca – Colombia’s biggest airline – hailed an October 6 decision by a District Court Tribunal in Bogota declaring a strike by some 700 pilots belonging to the Asociacion Colombiana de Aviadores Civiles (ACDAC) labor-union as illegal. ACDAC– the smaller of two unions representing Avianca pilots — represents a tiny fraction of the more than […]