Business Companies

Fabricato Falls Into Bankruptcy

Medellin Herald July 13, 2024

Medellin-based textile giant Fabricato S.A. announced July 12 in a filing with Colombia’s Superfinanciera oversight agency that it has formally entered bankruptcy protection. The bankruptcy filing “has as its objective the protection of credit and the recovery and conservation of the company as

Business Companies

Medellin Mayor Proposes Sale of EPM’s 49.99% Share of Tigo-UNE

Medellin Herald July 5, 2024

Medellin Mayor Federico Gutiérrez announced July 4 that he will bring a proposal to the Medellin City Council this month to sell city-owned EPM’s 49.99% share of telecom-internet-cable-TV giant Tigo-Une. The move comes on the heels of Atlas Luxco’s US$4.1 billion proposal to buy-out Luxembourg-based Millicom. Millicom owns the other half of Tigo-UNE here in […]

Business Companies

Start-Up Solar-Photovoltaic Energy Company Targets ‘Greener’ Growth

Medellin Herald May 23, 2024

Medellin’s up-and-coming “Oriente” suburbs not only host the JMC International Airport and burgeoning residential/commercial developments, but also some unusually innovative companies — including a far-sighted solar photovoltaic (PV) start-up by the name of “50/50 Group.” Initially created in 2021 by (now-retired) former Shell Manager Claudia Zuluaga as a “green”

Business Companies

Grupo Excala Post 1Q 2024 Net Loss

Medellin Herald May 16, 2024

Medellin-based multinational specialty-fibers and packaging producer Grupo Excala/Compañia de Empaques announced May 14 a net loss of COP$918 million (US$240,000) for first quarter (1Q) 2024. The loss was blamed on a COP$9.08 billion (US$2.37 million) deterioration in the value of Excala’s investment in agroindustrial production of fique fiber. Excala meanwhile reported a

Business Companies

Grupo Sura 1Q 2024 Profits Jump 488% On One-Time Gains

Medellin Herald May 16, 2024

Medellin-based insurance, health-care and asset-management multinational Grupo Sura announced May 15 that first quarter (1Q) 2024 net income soared 488% year-on-year, to COP$4.9 trillion (US$1.28 billion). Total revenues likewise jumped 52.2% year-on-year, to COP$13.6 trillion (US$3.55 billion). “This increase is mainly due to a 365.7% growth in revenue from investments,

Business Companies

Grupo Argos 1Q 2024 Profits Skyrocket 1,041% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based Grupo Argos – parent company of Cementos Argos, power producer Celsia and highway/airport concessionaire Odinsa – announced May 15 a first quarter (1Q) 2024 net profit of COP$6.5 trillion (US$1.7 billion) — a whopping 1,041% year-on-year increase. “With the successful closure in January of this year of the asset combination between Summit Materials and

Business Companies

Isagen 1Q 2024 Net Income Drops 50% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based 100% renewable-power giant Isagen announced May 15 that its first quarter (1Q) net income plunged 50% year-on-year, to COP$198 billion (US$51.7 million), from COP$397 billion (US$103.7 million) in 1Q 2023. Operating income also dipped slightly (0.5%) year-on-year, to COP$1.34 trillion (US$350 million), while earnings before interest, taxes, depreciation and

Business Companies

Conconcreto 1Q 2024 Net Profits Plummet 80% Year-on-Year

Medellin Herald May 16, 2024

Medellin-based international highways-and-housing construction giant Conconcreto announced May 15 that its first quarter (1Q) net income dropped 80% year-on-year, to COP$2.7 billion (US$704,000), from COP$14 billion (US$3.6 million) in 1Q 2023. Revenues also fell 50% year-on-year, to COP$127 billion (US$33 million). Conconcreto blamed the revenue drop “mainly due to the

Business Companies

UNE-EPM (Tigo) Posts Net Loss for 1Q 2024

Medellin Herald May 16, 2024

Medellin-based UNE-EPM – the internet/cell-phone/cable-TV joint venture with Spain-based Millicom (Tigo) – announced May 15 a first quarter (1Q) 2024 net loss of COP$95 billion (US$24.8 million). That loss was however a 35% year-on-year reduction from the COP$148 billion (US$38.6 million) net loss in 1Q 2023, according to the company. Gross revenues for 1Q 2024 […]

Business Companies

Grupo IMSA 1Q 2024 Profits Soar 409% Year-on-Year

Medellin Herald May 15, 2024

Medellin-based multinational diversified manufacturer Grupo IMSA announced May 14 a 409% year-on-year hike in first quarter (1Q) profits, hitting COP$90.6 billion (US$23.6 million). “The increase in net profit is explained by the better operating results of our companies and the receipt of an additional payment derived from the sale agreement of O-tek Internacional to WIG