Business Companies

Bancolombia 3Q 2023 Net Income Dips 8.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational banking giant Bancolombia announced November 8 that its third quarter (3Q) net income dipped 8.7% year-on-year, to COP$1.5 trillion (US$371 million). “Annualized return on equity (ROE) at the consolidated level was 16.1% for the latest quarter and 16.7% for the last

Business Companies

Éxito Posts Net Loss for 3Q 2023 on Higher Financial Expenses

Medellin Herald November 9, 2023

Medellin-based multinational supermarket/dry goods retailer Almacenes Éxito on November 8 posted a third quarter (3Q) 2023 net loss of COP$31.7 billion (US$7.8 million) — a 163% year-on-year decline, as 3Q 2022 produced a net profit of COP$49.9 billion (US$12.3 million). While higher financial expenses hurt the bottom line this year, recurring earnings before

Business Companies

Celsia 3Q 2023 Net Income Falls 26.7% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational electric power producer Celsia on November 8 announced a 26.7% year-on-year decline in third quarter (3Q) 2023 net income, to COP$81.67 billion (US$20.3 million) –- mainly due to soaring financial expenses. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 2.4% year-on-year, to COP$414 billion (US$102.6 million),

Business Companies

Cementos Argos 3Q 2023 Profits Jump 173% Year-on-Year

Medellin Herald November 9, 2023

Medellin-based multinational cement/concrete giant Cementos Argos announced November 8 that its third quarter (3Q) 2023 net income soared 173% year-on-year, to COP$250 billion (US$61.7 million). The profits jump came despite a 1% decline in gross revenue, at COP$3.087 trillion (US$762 million), while earnings before interest, taxes, depreciation and amortization (EBITDA)

Business Companies

ISA 3Q 2023 Net Income Drops 23% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric-power, highways and telecom giant ISA announced November 2 that its third quarter (3Q) 2023 net income fell 23% year-on-year, to COP$512 billion (US$126 million). Operating revenues likewise dipped 11%, to COP$3.2 trillion (US$789 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 15%, to

Business Companies

EPM Nine-Months 2023 Net Profits Grow 11% Year-on-Year

Medellin Herald November 2, 2023

Medellin-based multinational electric power and utilities giant EPM announced November 1 that its nine-months (January through September) 2023 net profits hit COP$3.4 trillion (US$837 million), up 11% year-on-year. The City of Medellin — EPM’s sole owner — has netted COP$1.4 trillion (US$345 million) so far this year thanks to the profitable results, according

Business Politics

‘Fico’ Wins Medellin Mayoralty, Rendon Wins Antioquia Governorship; Petro, Quintero, Perez Trashed by Voters

Medellin Herald October 30, 2023

Enormously popular former Medellin Mayor Federico Gutierrez (“Fico,” right in photo, above) last night (October 28) recorded a smashing, runaway second-term victory with 73% of the vote, beating hugely unpopular Mayor Daniel Quintero’s hand-picked successor, Juan Carlos Upegui, who garnered an historically pathetic 10% of total votes. In similar fashion, former Rionegro

Business Companies

Nutresa 3Q 2023 Net Income Falls 48% Year-on-Year

Medellin Herald October 28, 2023

Medellin-based multinational foods giant Grupo Nutresa announced October 27 that its third quarter (3Q) 2023 net income fell 48% year-on-year, to COP$114 billion (US$27.7 million), while nine-months 2023 net income dipped 18%, to COP$592.7 billion (US$144 million). Soaring finance costs hurt the bottom line, according to the company. For 3Q 2023, sales rose 2.7%, to […]

Business Companies

Tigo-UNE Nine-Months 2023 Net Loss Hits US$128 Million, but Outlook Improves

Medellin Herald October 26, 2023

Luxembourg-based cell-phone/telecom/internet multinational Millicom announced October 25 that its half-owned Tigo-UNE subsidiary in Colombia — the other half owned by Medellin-based public utility EPM – has posted a net loss of US$138 million for the first nine months of 2023 (January through September). (The Tigo-UNE joint venture with EPM also incorporates related

Business Politics

EPM’s Biggest Union Unveils Shocking Report on Mayor Quintero’s Corruption, Lies, Financial Destruction

Medellin Herald October 21, 2023

SINPRO – the biggest professional employees union of public utilities giant EPM – on October 20 publicly unveiled a stunning, 93-page report detailing immense financial, organizational and political damage to EPM and Medellin by outgoing Mayor Daniel Quintero. Quintero — who took office in January 2020 — suddenly resigned September 30 in order to dedicate […]