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

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

Business Companies

Enka 1Q 2024 Profits Dip Year-on-Year

Medellin Herald May 15, 2024

Medellin-based textiles and plastics-recycling giant Enka announced May 14 that its first quarter (1Q) 2024 net income fell 22% year-on-year, to COP$3.56 billion (US$929,000), from COP$4.6 billion (US$1.2 million) in 1Q 2023. Revenues also fell 14% year-on-year, to COP$125 billion (US$32.6 million), but earnings before interest, taxes, depreciation and amortization

Business Companies

Cementos Argos 1Q 2024 Profits Skyrocket on Summit Materials Deal

Medellin Herald May 15, 2024

Medellin-based multinational cement/concrete giant Cementos Argos announced May 14 that it booked a one-time, year-on-year profit gain of COP$5.33 trillion (US$1.4 billion) thanks to combining its U.S. operations with Summit Materials. As a result, Argos reported a first quarter (1Q) 2024 net income of COP$5.3 trillion (US$1.38 billion). “With the money received [from

Business Companies

Odinsa 1Q 2024 Net Income Dips 5% Year-on-Year

Medellin Herald May 15, 2024

Medellin-based highways/airport concessionaire Odinsa – a concessions division of Grupo Argos and in a “strategic alliance” with Australia-based global infrastructure giant Macquarie Infrastructure and Real Assets (MIRA) — announced May 13 a first quarter (1Q) 2024 net profit of COP$10.4 billion (US$2.7 million), a 5% decline from COP$10.95 billion (US$2.8 million)

Business Companies

Aris Mining Trims Net Loss for 1Q 2024 Versus 1Q 2023

Medellin Herald May 14, 2024

Vancouver, Canada-based Aris Mining – operator of the giant Segovia gold mine here in Antioquia as well as the in-development Marmato gold mine in nearby Caldas department – announced May 14 a first quarter (1Q) 2024 net loss of US$744,000, an improvement over the US$6.37 million net loss in 1Q 2023. Revenues also improved year-on-year, […]

Business Companies

Construcciones El Condor Posts 1Q 2024 Net Loss, But Smaller Than 1Q 2023

Medellin Herald May 11, 2024

Medellin-based highway construction giant Construcciones El Condor announced a COP$12.5 billion (US$3.2 million) net loss for first quarter (1Q) 2024 — an improvement over the COP$31.6 billion (US$8.1 million) net loss in 1Q 2023. Revenues from ordinary activities for 1Q 2024 rose 38% year-on-year, to COP$303.7 billion (US$101 million) while earnings before interest,

Business Companies

Mineros 1Q 2024 Net Income Unchanged From 1Q 2023

Medellin Herald May 11, 2024

Medellin-based multinational gold miner Mineros SA announced May 9 that its first quarter (1Q) 2024 net income on continuing operations came-in at US$16.77 million, almost unchanged from US$16.75 million in 1Q 2023. “The modest increase in profit is mainly explained by higher revenue and gross profit,” but that was offset by “higher foreign exchange differences” […]

Business Companies

Bancolombia 1Q 2024 Net Income Dips 3.1% Year-on-Year

Medellin Herald May 11, 2024

Medellin-based multinational banking giant Bancolombia announced May 9 a 3.1% year-on-year decline in first quarter (1Q) 2024 net income, at COP$1.68 trillion (US$432 million). Despite the year-on-year profits decline, the 1Q 2024 result nevertheless represents a 14.9% increase over 4Q 2023 — the immediate prior quarter — according to the company. Meanwhile,

Business Companies

Grupo Éxito Posts Net Loss for 1Q 2024

Medellin Herald May 9, 2024

Medellin-based multinational supermarket/dry-goods retailer Grupo Éxito – now a subsidiary of El Salvador-based Grupo Calleja – on May 8 posted a COP$37.8 billion (US$9.7 million) net loss for first quarter 2024. That represents an 184% decline from the net profit of COP$45 billion (US$9.6 million) posted in 1Q 2023. “During the first quarter of 2024, […]