Companies

Industrias Estra Posts Profitable 2022, Reversing Net Losses in 2021

Medellin Herald April 7, 2023

Medellin-based industrial/consumer plastics-ware producer Industrias Estra announced March 29 a net profit of COP$1.58 billion (US$345,000) for full-year 2022, reversing a net loss of COP$1.96 billion (US$516,000) for full-year 2021. Earnings before interest, taxes, depreciation and

Companies

Proteccion Full-Year 2022 Net Income Rises 5.5% Year-On-Year

Medellin Herald April 4, 2023

Medellin-based pension fund, insurance and disability-benefits manager Proteccion announced April 3 a 5.5% year-on-year boost in net income for 2022, hitting COP$291.8 billion (US$63.4 million). Gross revenues also rose 1.5% year-on-year, to COP$1 trillion (US$217 million), according to the company. Aiding those gains was the 6.27% rise in the number of contributing

Companies

UNE-EPM (TIGO) Posts Net Loss for Full-Year 2022

Medellin Herald April 3, 2023

Medellin-based cell-phone/internet/cable-TV/telecom giant UNE-EPM (commercially known as “Tigo”) on March 31 posted a COP$474 billion (US$103 million) net loss for full-year 2022 — a small improvement over the COP$572 billion (US$124 million) net loss in 2021. UNE-EPM also posted net losses in 2020 and 2018, while its 2019 net profit came-in at just COP$519 million

Companies

Medellin Metro Full-Year 2022 Net Income Plummets 99% Year-on-Year

Medellin Herald April 2, 2023

Public transit agency Metro de Medellin – 50% owned by the Antioquia departmental government and the other 50% owned by a city of Medellin public entity – announced March 31 that its full-year 2022 net income dropped 99% year-on-year, to COP$3.2 billion (US$688,000), from COP$328 billion (US$70.5 million) in 2021. Part of the net-income decline […]

Companies

Imsa Full-Year 2022 Profits Rise 176% Year-on-Year

Medellin Herald March 31, 2023

Medellin-based chemicals, personal-products and industrial-piping giant Grupo Imsa – a spinoff from Medellin-based Grupo Orbis, the latter now part of global chemicals giant AkzoNobel – announced March 31 that its full-year 2022 profits jumped 176% year-on-year, to COP$39.9 billion (US$8.6 million). That compares to COP$1.7 billion (US$366,000) net profit in 2021, when

Companies

Grupo Excala Full-Year 2022 Net Income Dips Year-on-Year

Medellin Herald March 31, 2023

Medellin-based multinational agricultural packaging, construction, crop-protection and natural fique-fiber producer Grupo Excala announced this month that its full-year 2022 net income dipped 30% year-on-year, to COP$22.3 billion (US$4.8 million), from COP$31.8 billion (US$6.8 million) in 2021. Sales nevertheless rose 6% year-on-year, to COP$649 billion (US$139 million),

Companies

Construcciones El Condor Posts COP$69.7 Billion Net Loss in 2022

Medellin Herald March 31, 2023

Medellin-based highway construction giant Construcciones El Condor announced March 31 a full-year 2022 net loss of COP$69.7 billion (US$14.9 million), a sharp reversal from the COP$8.8 billion (US$2.2 million) net profit for full-year 2021. El Condor blamed the profit decline on “the unrealized net exchange difference” between Colombian pesos and U.S. dollars, along with

Companies

EPM Full-Year 2022 Profits Drop on Write-Down in Tigo-UNE Value; Hidroituango Costs Rise; Medellin Finances to Suffer

Medellin Herald March 28, 2023

Medellin-based multinational electric power, utilities and telecom-internet giant EPM announced March 27 that its full-year 2022 net income declined 10% year-on-year, to COP$3 trillion (US$645 million). The decline is explained by a COP$1 trillion (US$215 million) write-down in the value of its partial holding in the Tigo-UNE telecom/internet company, according to EPM. As

Companies

Mineros SA Full-Year 2020 Net Income Drops 42%, but 4Q Shows Rebound

Medellin Herald March 21, 2023

Medellin-based multinational gold mining giant Mineros SA announced March 8 that its full-year 2020 profits fell 42% year-on-year, to US$37.5 million, but fourth quarter (4Q) 2020 rose 54% year-on-year, to US$13 million. Full-year 2020 earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 32%, to US$128 million, while gross revenues fell 16%, to

Companies

Renault Announces US$100 Million Expansion at Envigado Assembly Plant

Medellin Herald March 17, 2023

Renault-Sofasa – for 53 years producing cars in the Medellin suburb of Envigado – announced March 16 a US$100 million expansion plan that will bring more-advanced technologies to its popular line of vehicles that already enjoy number-one market-share in Colombia. Attending a special press event here were Colombia’s Minister of Commerce, Industry and Tourism Germán […]