Companies

Nutresa Full-Year 2020 Net Income Rises 14% Year-on-Year

Medellin Herald February 27, 2021

Medellin-based multinational foods giant Grupo Nutresa reported February 26 that its full-year 2020 net income rose 14.3% year-on-year, to COP$575 billion (US$158 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 7.2%, to COP$1.44 trillion (US$395 million),

Companies

Grupo Sura Full-Year 2020 Net Income Drops 80% Year-on-Year

Medellin Herald February 26, 2021

Medellin-based insurance, health care, pensions and investment giant Grupo Sura announced February 26 that its full-year 2020 net income fell 80% year-on-year, to COP$336 billion (US$91 million) as a result of the Covid-19 crisis. Operating revenues dipped 2.3% year-on-year, to COP$20.8 trillion (US$5.6 billion), while operating income fell 44%, to COP$1.6 trillion (US$435

Companies

Construcciones El Condor Full-Year 2020 Profits Dip 14% Year-on-Year

Medellin Herald February 26, 2021

Medellin-based highway construction giant Construcciones El Condor revealed February 25 that its full-year 2020 net income dipped 14% year-on-year, to COP$31 billion (US$8.5 million). Gross revenues also dipped 7% year-on-year, to COP$825 billion (US$226 million), according to the company. Covid-19 shutdowns during March-to-May 2020 caused some of the revenue and profit

Companies

Bancolombia Full-Year 2020 Net Income Plummets 91% on Covid-19 Crisis

Medellin Herald February 25, 2021

Medellin-based multinational banking giant Bancolombia announced February 24 that its full-year 2020 net income fell 91% year-on-year, to COP$276 billion (US$77 million), down from COP$3.1 trillion (US$917 million) in 2019. As for fourth quarter (4Q) 2020, Bancolombia posted a net loss of COP$266 billion (US$74 million), down from COP$878 billion (US$260 million) in 4Q

Companies

Grupo Argos Full-Year 2020 Net Income Drops 87% Year-on-Year

Medellin Herald February 25, 2021

Medellin-based Grupo Argos – parent of cement/concrete giant Cementos Argos, electric power producer Celsia and highway/airport concessionaire Odinsa – on February 24 reported an 87.7% plunge in 2020 net income, to COP$154 billion (US$43 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 30% year-on-year, to COP$3.35 trillion (US$935

Companies

Celsia Full-Year 2020 Adjusted Net Income Rises 68%

Medellin Herald February 24, 2021

Medellin-based multinational electric power giant Celsia on February 23 reported a 68% jump in net income for full-year 2020 — after adjusting for the exclusion of its former 610-megawatt, natural-gas-fired “Zona Franca Barranquilla” power plant sold in September 2019. For the full year 2020, consolidated net income hit COP$338 billion (US$94 million), while adjusted

Companies

Cementos Argos Full-Year 2020 Net Income Drops 28% Year-on-Year

Medellin Herald February 24, 2021

Medellin-based multinational cement/concrete giant Cementos Argos on February 24 reported a 28% year-on-year decline in 2020 net income, to COP$141 billion (US$39.6 million), resulting from economic slowdowns during the Covid-19 crisis. Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell, to COP$1.6 trillion (US$449 million), from COP$1.7

Colombian economy

Colombia GDP Growth to Hit 4.5% This Year: Fedesarrollo Survey

Medellin Herald February 23, 2021

Colombia’s gross domestic product (“PIB” in Spanish initials) is likely to grow by 4.5% during 2021 — up sharply from the 6.8% GDP net decline during the Covid-19 crisis of 2020, according to a just-released monthly survey of economists by Fedesarrollo, Colombia’s top economic think-tank. According to the organization’s latest “Financial Opinion Survey” (FOS) for

Companies

Exito Full-Year 2020 Net Profits Soar 300% Year-on-Year

Medellin Herald February 22, 2021

While many companies have suffered steep reversals in 2020 during the Covid-19 pandemic, Medellin-based multinational supermarket/dry-goods retailer Grupo Exito actually saw its net profits soar 300%, to COP$231 billion (US$64 million). Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) was nearly flat, at COP$1.27 trillion (US$353 million),

Companies

Cemex’s Maceo, Antioquia Cement Plant Clears Another Legal Hurdle

Medellin Herald February 21, 2021

Cemex Colombia revealed in a February 16 filing with Colombia’s Superfinanciera oversight agency that it just won a key license modification from environmental regulator Corantioquia, enabling eventual start-up of its US$420 million Maceo, Antioquia cement plant. “The [license] modification allows the extraction of 990,000 tons of materials (clay and limestone) and the