Politics

Unpopular Medellin Mayor Daniel Quintero Quits Office

Medellin Herald October 1, 2023

For the first time in Medellin history, scandal-plagued Mayor Daniel Quintero on September 30 officially quit his office — three months before his term actually ends in December. Quintero – the most unpopular Mayor since Medellin began public polling 30 years ago, with barely 28% approval

Business Politics

Medellin’s Leading Civic-Business Group Denounces Mayor Quintero Corruption Scandal

Medellin Herald September 21, 2023

Medellin-based Todos Por Medellin – a non-partisan watchdog whose major backers include the Medellin Chamber of Commerce, ANDI (Colombia’s biggest industrial-commercial trade association), Proantioquia (business-civic promotion organization), labor unions and dozens of leading citizens– on September 21 unveiled a shocking report detailing what might be seen as the tip of

Business Companies

EPM Hidroituango Bid-Completion Analysis Favors Most-Expensive Option, Raises Suspicions

Medellin Herald September 11, 2023

Medellin-based electric power giant EPM on September 10 publicly revealed its internal analysis of several competing bids aiming for completion of the US$5 billion, 2.4-gigawatt Hidroituango hydroelectric project here in Antioquia. Ironically, EPM eliminated two bidders — Todini Costruzioni Generali S.P.A. and China Gezhouba Group Company Limited — who

Business Companies

Cementos Argos To Merge U.S. Operations with Summit Materials

Medellin Herald September 7, 2023

Medellin-based multinational cement/concrete giant Cementos Argos announced September 7 that it just signed a deal to merge its U.S. operations with Denver, Colorado-based Summit Materials — creating one of North America’s biggest cement/concrete companies. The merged operation would represent pro-forma annual revenue of more than US$4 billion and approximately US$1

Business Companies

IMSA 2Q 2023 Net Profits Soar Year-on-Year

Medellin Herald August 15, 2023

Medellin-based food additives, chemical-composites and consumer/industrial products maker Grupo IMSA announced August 14 that its second quarter (2Q) 2023 profits hit COP$47 billion (US$11.4 million), up from COP$2.3 billion (US$560,000) in 2Q 2022. Revenues also rose, to COP$254 billion (US$62 million), versus COP$180 billion (US$44 million) in 2Q 2022, according to IMSA.

Business Companies

Fabricato 2Q 2023 Net Losses Worsen Year-on-Year

Medellin Herald August 15, 2023

Medellin-based textile giant Fabricato on August 14 posted a second quarter (2Q) net loss of COP$28 billion (US$6.8 million), worse than the COP$786 million (US$192,000) net loss in 2Q 2023. Revenues also fell year-on-year, to COP$88.8 billion (US$21.7 million) in 2Q 2023, versus COP$112 billion (US$27 million) in 2Q 2022, according to the company. The […]

Business Companies

Conconcreto Posts Net Loss for 2Q 2023, Reversing Net Profit in 2Q 2022

Medellin Herald August 15, 2023

Medellin-based construction giant Conconcreto on August 14 posted a second quarter (2Q) net loss of COP$1.55 billion (US$378,000), a sharp year-on-year reversal from the COP$25 billion (US$6 million) net profit in 2Q 2022. Revenues also plunged to COP$268 billion (US$65 million), from COP$319 billion (US$78 million) in 2Q 2022. For first half (1H) 2023 (January […]

Business Companies

Grupo Sura Posts 2Q 2023 Net Loss on Tax Charges Taken for Nutresa Stock Sale

Medellin Herald August 15, 2023

Medellin-based insurance and asset-management giant Grupo Sura on August 15 posted a second quarter (2Q) 2023 net loss of COP$11 billion (-US$2.7 million) — a sharp reversal from a COP$557 billion (US$136 million) net profit in 2Q 2022. Sura blamed the net loss on its decision to accelerate tax charges into 2Q 2023 for the […]

Business Companies

Isagen 2Q 2023 Net Income Jumps 22% Year-on-Year

Medellin Herald August 12, 2023

Medellin-based electric power generation giant Isagen announced August 11 that its second quarter (2Q) 2023 net income rose 22% year-on-year, to COP$302.7 billion (US$76 million). Operating income also rose 20% year-on-year, to COP$1.28 trillion (US$322 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17%, hitting COP$858 billion

Business Companies

Construcciones El Condor 2Q 2023 Net Losses Soar 350% Year-on-Year

Medellin Herald August 12, 2023

Medellin-based highway construction giant Construcciones El Condor announced August 11 that its second quarter (2Q) 2023 net losses soared 350% year-on-year, hitting a negative COP$79.6 billion (US$20 million), versus a net loss of COP$17.5 billion (US$4.4 million) in 2Q 2022. Soaring finance costs and now-final exits from prior, unprofitable projects mainly explain the