Companies

Cementos Argos Full-Year 2021 Profits Skyrocket 451% Year-on-Year

Medellin Herald February 18, 2022

Medellin-based multinational cement/concrete giant Cementos Argos announced February 17 that its full-year 2021 net profit jumped 451% year-on-year, to COP$431 billion (US$109.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 34% year-on-year, to COP$2.1

Companies

Cemex LatAm Posts US$23 Million Loss for Full-Year 2021

Medellin Herald February 10, 2022

Colombia-based cement/concrete giant Cemex LatAm Holdings (CLH) announced today (February 10) a full-year 2021 net loss of US$23 million — a big improvement over the US$121 million net loss for full-year 2020. Fourth quarter (4Q) 2021 net loss came-in at US$17 million, down from a net profit of US$8 million in 4Q 2020, according to […]

Companies

Enka Successfully Completes Financial Restructuring; Debts Now Almost Zero

Medellin Herald January 19, 2022

Medellin-based textiles and plastics-recycling specialist Enka de Colombia announced in a January 18 filing with Colombia’s Superfinanciera oversight agency that it has finally completed a financial restructuring that has satisfied its creditors and cut net debt to near-zero. The company has “successfully completed the restructuring agreement under Law 550 of 1999, after

Companies

Gilinski Bids for Nutresa, Sura Fall Short, but Board Seats Assured

Medellin Herald January 13, 2022

Colombian banker Jaime Gilinski’s JGDB Holdings and its financing partner Royal Group (Abu Dhabi) on January 12 reported to Bolsa de Valores de Colombia (BVC, Colombia’s stock exchange) that it has finally acquired more than 27% of the shares of Medellin-based multinational foods giant Grupo Nutresa – far short of its 50.1% to 62% goal. […]

Companies

Medellin Mayor Quintero Claims City’s Leading Businesses Are Mafia Gangsters

Medellin Herald January 10, 2022

Medellin Mayor Daniel Quintero claimed in a shocking interview for the January 8 edition of Colombia’s leading weekly Semana news-magazine that Medellin’s leading businesses are in fact run by mafia gangsters who supposedly are out to “get” him. Facing a recall petition for mismanaging the city, for publicly slandering its most successful and civic-minded

Companies

EPM Inks 11-Months Contract Extension for Partial Completion of Hidroituango

Medellin Herald December 16, 2021

Medellin-based electric power giant EPM announced this afternoon (December 16) that it just finalized an agreement with the existing, principal constructors of the US$5 billion Hidroituango hydroelectric plant — hence enabling continued construction through November 2022. The deal includes an eight-months extension seen required to finish current installations that

Politics

Antioquia Ex-Governor, Presidential Candidate Sergio Fajardo Accuses Controller-General of Political Manipulation, Corruption, Duplicity in Hidroituango Case

Medellin Herald November 30, 2021

Centrist politician Sergio Fajardo – a former Antioquia Governor, former Medellin Mayor and now candidate for Colombia’s Presidency – this morning (November 30) publicly accused Colombia Controller-General Carlos Felipe Córdoba of shocking political manipulation and corruption in the Hidroituango hydroelectric-project damages case. “Until today I have kept my defense in

Companies

Mineros SA 3Q 2021 Profits Drop 67% Year-on-Year on Cost Spikes

Medellin Herald November 16, 2021

Medellin-based multinational gold mining giant Mineros SA announced November 15 that third quarter (3Q) 2021 profits fell 67% year-on-year, to US$8.2 million, as cost hikes in Nicaragua and Argentina hurt over-all results. Corporate-wide gold production dipped by 1% year-on year, to 63,758 ounces, “in line with the company’s updated guidance for 2021,” according to

Companies

Grupo Sura 3Q 2021 Net Income Soars 192% Year-on-Year

Medellin Herald November 13, 2021

Medellin-based multinational insurance, health-care and financial-services giant Grupo Sura announced November 12 that its third quarter (3Q) 2021 net income skyrocketed by 192% year-on-year, to COP$445 billion (US$114 million). Revenues rose 23% year-on-year, to COP$6.6 trillion (US$1.7 billion), the company added. As for the first nine months of 2021, net income is up

Companies

Enka Nine-Months 2021 Profits Up Sharply Versus Nine-Months 2020

Medellin Herald November 13, 2021

Medellin-based textiles and plastics-recycling giant Enka de Colombia reported November 12 net income of COP$42 billion (US$10.8 million) for nine-months 2021, a huge improvement over the COP$2.2 billion (US$566,000) net income in nine-months 2020. Nine-months 2021 earnings before interest, taxes, depreciation and amortization (EBITDA) likewise have nearly tripled