Companies

Corona: Born in Antioquia 135 Years Ago, Now a Multinational Giant

Medellin Herald August 23, 2016

Colombia-based Corona — manufacturer of porcelain products, construction goods and majority partner in the “Home Center” retail chain — on August 18 celebrated the 135th birthday of its founding in the Medellin suburb of Caldas, Antioquia. According to the company, Organizacion

Companies

PharmaCielo Buys Marijuana Farm, Nursery in Rionegro

Medellin Herald July 25, 2016

Toronto, Canada-based PharmaCielo announced July 25 that it paid US$5 million plus 1.7 million in equity shares for a 27-hectares farm and greenhouse-nursery facility in Rionegro, Antioquia, for development of a medical-marijuana cultivation and processing plant. “The 30-year-old turnkey facility houses an office building and more than 12 hectares of open-air greenhouses,

Companies

More High-Tech Investment Seen Coming to Medellin from Uruguay, Brazil

Medellin Herald July 7, 2016

Medellin’s investment promotion agency –“Agencia de Cooperación e Inversión de Medellín y el Área Metropolitana” (ACI) –  announced July 6 that five Uruguay-based companies and two Brazil-based companies are eyeing new business launches or expansions here. According to ACI, these companies expressed interest in new Medellin investments during ACI-organized

Companies

PharmaCielo Wins Colombian License for Medical Marijuana Manufacture

Medellin Herald June 28, 2016

Toronto, Canada-based PharmaCielo announced June 28 that it won a manufacturing license from Colombia’s Ministry of Health and Social Protection to process marijuana plants for “medical and scientific purposes.” The company first announced plans to obtain licenses and then build a marijuana processing plant in the Medellin suburb of Rionegro, Antioquia (see Medellin

Companies

Exito’s 1Q 2016 EBITDA, Sales Soar, but Profits Slump Year-on-Year

Medellin Herald May 31, 2016

Medellin-based Grupo Exito – now Colombia’s biggest private-sector company and a leading multinational retailer in the largest South American markets – on May 27 reported that its first quarter (1Q) 2016 earnings before interest, taxes, depreciation and amortization (EBITDA) soared 234% year-on-year (y-o-y), to COP$502 billion (US$163 million). Operating income also jumped

Companies

Bancolombia 1Q 2016 Net Income Dips Year-on-Year

Medellin Herald May 31, 2016

Medellin-based Bancolombia – Colombia’s largest bank with a growing international presence – on May 23 announced that its first quarter (1Q) 2016 net income fell 37% year-on-year (y-o-y), to COP$397 billion (US$129 million), reflecting the impact of Colombia’s slowing economy. However, Bancolombia’s net loan portfolio grew 21% y-o-y, “explained by organic net loan growth,

Companies

ISA, Nutresa Win Positive Bond Ratings from Fitch

Medellin Herald May 31, 2016

Medellin-based electric power transmission giant ISA and Medellin-based multinational foods producer Grupo Nutresa both recently won debt-ratings upgrades from Wall Street bond rater Fitch Ratings. According to Fitch, ISA’s “issuer default ratings” (IDRs) have been boosted to “BBB+,” instead of the former “BBB” rating. The rating outlook remains “stable” while ISA’s senior

Companies

ISA 1Q 2016 Net Income Jumps 31% Year-on-Year

Medellin Herald May 3, 2016

Medellin-based ISA – operator of Colombia’s national electric power transmission network – announced May 2 that its first quarter (1Q) 2016 net income rose 31.3% year-on-year (y-o-y), to COP$192 billion (US$65 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$779 billion (US$229 million) in 1Q 2016 — with a 50.5% EBITDA margin,

Companies

Medellin-based Exito, Environment Ministry, WWF Promote Reusable Grocery Bags

Medellin Herald May 2, 2016

In a new campaign aiming to slash water and land pollution caused by reckless disposal of plastic grocery bags, Medellin-based retail giant Exito is teaming-up with Colombia’s Environment Ministry and the World Wildlife Fund (WWF) to promote broader adoption of reusable grocery bags. Launching of the national “ReemBOLSA” campaign – attended by officials at an […]

Companies

Medellin’s Grupo Nutresa Sees 1Q 2016 Sales Soar; EBITDA Sets Record

Medellin Herald May 2, 2016

Medellin-based multinational food producer Grupo Nutresa announced April 29 that its first quarter (1Q) 2016 sales jumped 21.9% year-on-year (y-o-y), to COP$2.1 trillion (US$738 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$281 billion (US$98.7 million), up 19.6% y-o-y. Colombian organic sales growth rose 9.2% y-o-y thanks to a