Companies

Hilton to Open 206-Room Luxury Hotel in Medellin in 2019

Medellin Herald March 1, 2017

U.S.-based global hotel magnate Hilton and local builder Constructora Colpatria jointly announced February 28 that they’ve signed a franchise deal to build and open a 25-story, 206-room “Hilton Medellin” luxury hotel on Avenida Las Palmas in second-quarter 2019. Hilton earlier opened an

Companies

Medellin-Based Insurance Giant Grupo Sura Sees 2016 Profits Jump 26% Year-on-Year

Medellin Herald February 28, 2017

Medellin-based insurance and finance giant Grupo Sura announced February 27 that its full-year 2016 net income grew 26.3% year-on-year, to COP$1.7 trillion (US$556.3 million). Consolidated revenues also rose by 36.2%, to COP$19 trillion (US$6.3 billion), according to the company. “These variations are driven by the strong dynamics of insurance premiums, which grew 43.8%,

Companies

Grupo Argos 2016 Net Profit Jumps 75%; Chief Wins ‘Empresario of the Year’

Medellin Herald February 28, 2017

Medellin-based industrial conglomerate Grupo Argos announced February 28 that its full-year 2016 net profit jumped 75% year-on-year, to COP$1.1 trillion (US$377 million), while company president Jorge Mario Velásquez just nabbed the prestigious “empresario of the year” award from Colombian business newspaper La Republica. Revenues in 2016 likewise grew by15% year-on-year,

Companies

Medellin-Based Multinational Supermarket Giant Grupo Exito Posts Profitable 2016

Medellin Herald February 28, 2017

Thanks to a favorable turnaround in fourth quarter (4Q) 2016, Medellin-based multinational supermarket giant Grupo Exito posted a full-year 2016 net profit of COP$43.5 billion (US$14.9 million). The improvement came despite a 2016 Colombian interest-rate basis-point hike that cost the company COP$458 billion (US$156 million), higher Colombian income taxes and net losses in

Companies

Medellin’s Cementos Argos Sees 2016 Profits Dip 14.5% Year-on-Year

Medellin Herald February 27, 2017

Medellin-based multinational cement giant Cementos Argos announced February 24 that its full-year 2016 net profits dipped 14.5% year-on-year, to COP$420 billion (US$145 million). However, full-year 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 8.7% year-on-year, to COP$1.65 trillion (US$570 million), according to the company, a division

Companies

Medellin’s Grupo Nutresa 2016 Profits Dip 7.2% Year-on-Year

Medellin Herald February 27, 2017

Medellin-based multinational foods conglomerate Grupo Nutresa announced February 24 that its full-year 2016 net profits dipped 7.2% year-on-year, to COP$399.7 billion (US$138 million). Gross profit rose 7.9% year-on-year, to COP$3.7 trillion (US$1.27 billion), while consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 5.5% year-on-year,

Companies

Medellin’s Odinsa Posts 49% Hike in 2016 EBITDA Year-on-Year

Medellin Herald February 27, 2017

Medellin-based highway, airport and power-plant infrastructure concessionaire Odinsa announced February 27 that its full-year 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 49% year-on-year, to COP$1.06 trillion (US$367 million). Full-year 2016 revenues hit COP$1.48 trillion (US$512 million), up 65% year-on-year, according to the company.

Companies

Bancolombia 2016 Profits Jump 13.8% Year-on-Year

Medellin Herald February 24, 2017

Medellin-based Bancolombia – Colombia’s biggest bank – on February 21 announced that its 2016 full-year profits rose 13.8% year-on-year, to COP$2.86 trillion (US$994 million). “The growth in 2016 of the Bancolombia group — in the midst of a soft-landing of the Colombian economy after an important external shock — showed positive behavior,” according to the […]

Companies

Celsia’s 2016 EBITDA, Net Income Both Rise Year-on-Year

Medellin Herald February 24, 2017

Medellin-based electric power producer Celsia reported February 21 that its full-year 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 51% year-on-year, to COP$1.03 trillion (US$357 million) – an all-time-record. Net income also rose to COP$171 billion (US$59 million), while investments totaled COP$302 billion (US$104 million). In fourth

Companies

Cormagdalena to Consider PowerChina Dredging Proposal on March 8

Medellin Herald February 24, 2017

Cormagdalena – the Colombian government agency overseeing a proposed dredging project for the Magdalena River – announced February 22 that it had received a letter of intent from PowerChina Limited Colombia (PCLC) that would assume control of the long-stalled project. However, according to Cormagdalena, PCLC still must complete technical, legal and financial analyses of