Companies

Bancolombia 2Q 2021 Profits Dramatically Improve Year-on-Year

Medellin Herald August 14, 2021

Medellin-based multinational banking giant Bancolombia announced August 11 that its second quarter (2Q) 2021 net income rose to COP$1.2 trillion (US$312 million), up from a COP$73 billion (US$19 million)net loss in 2Q 2020. “This profit represents a growth of 113% compared to 1Q 2021 and a

Companies

Grupo Argos 2Q 2021 Profits Skyrocket 534% Year-on-Year

Medellin Herald August 14, 2021

Medellin-based multinational cement, electric power and airport/highways concessionaire Grupo Argos announced August 12 that its second quarter (2Q) consolidated net income soared 534% year-on-year, to COP$392 billion (US$102 million). Revenues rose 20% year-on-year, to COP$4 trillion (US$1.04 billion), while earnings before interest, taxes, depreciation and amortization

Companies

Update: Ecopetrol Completes US$3.67 Billion Buyout of ISA Shares; Profits Also Improve

Medellin Herald August 14, 2021

Colombia President Ivan Duque announced August 20 that  Colombia’s mostly stated-owned Ecopetrol oil company has just paid US$3.67 billion to finalize the acquisition of 51.4% of the shares of Medellin-based multinational electric-power transmission giant, ISA. That 51.4% block of ISA stock had been held by Colombia’s Finance Ministry. Hence Ecopetrol’s

Companies

Grupo Sura 2Q 2021 Profits Jump 43% Year-on-Year

Medellin Herald August 14, 2021

Medellin-based multinational insurance, finance and health-care giant Grupo Sura announced August 12 that its second quarter (2Q) net income jumped 43% year-on-year, to COP$461 billion (US$120 million). Revenues likewise rose 15% year-on-year, to COP$6.1 trillion (US$1.58 billion), according to the company. As for first half (1H) 2021, net income is up a whopping 174%

Companies

Fabricato 1H 2021 Net Income Moves to Black Year-on-Year

Medellin Herald August 5, 2021

Medellin-based textile giant Fabricato announced August 4 that its first-half (1H) 2021 net income moved into the black year-on-year, to a net COP$2.4 billion (US$614,000), versus a COP$19.4 billion (US$4.96 million) net loss in 1H 2020. The 1H 2021 net profit “breaks the loss trend of the last five years,” according to the company. “We […]

Real Estate

‘La Haus’ Real Estate Venture Co-Founded by President Uribe’s Sons Nabs US$135 Million Funding from Investors Including Amazon’s Jeff Bezos

Medellin Herald August 2, 2021

Colombia- and Mexico-based real estate search-and-development enabler La Haus announced July 29 that it has raised US$135 million from big international investors including Amazon.com founder Jeff Bezos as well as from “new-age” banker Gabriel Gilinski — son of Colombian banker Jaime Gilinski, considered as Colombia’s second-richest person. La Haus – with operations

Companies

Grupo Nutresa 2Q 2021 Profits Almost Unchanged Year-on-Year; 1H Profits Rise 11%

Medellin Herald July 31, 2021

Medellin-based multinational foods manufacturer and retailer Grupo Nutresa announced July 30 that its second-quarter (2Q) 2021 net income was essentially flat year-on-year, at COP$140.6 billion (US$36.3 million), versus COP$139.9 billion (US$36 million) in 2Q 2020. Operating revenues for 2Q 2021 rose to COP$2.9 trillion (US$748 million), up from COP$2.66 trillion (US$686

Companies

Cemex LatAm 2Q 2021 Net Income Doubles Year-on-Year

Medellin Herald July 29, 2021

Colombia-based Cemex LatAm Holdings announced this morning (July 29) that its second quarter (2Q) 2021 net income more than doubled year-on-year, to US$23.8 million. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 81% year-on-year, to US$53 million. Net sales – adjusted for currency fluctuations — jumped 54%, to US$228

Companies

Grupo Éxito 2Q 2021 Net Profit Quadruples Year-on-Year

Medellin Herald July 28, 2021

Medellin-based multinational supermarket/dry-goods retailer Almacenes Éxito announced July 27 that its second quarter (2Q) 2021 net profits soared 297%, to COP$50.7 billion (US$12.9 million), from COP$12.8 billion (US$3.2 million) in 2Q 2020. The quadrupling of net income is credited to a “group diversification strategy with a higher contribution of complementary

Companies

EPM Board Rejects Antioquia’s Proposed Hidroituango Share-Swap; Eyes Cash Buyout

Medellin Herald July 28, 2021

Medellin electric power giant EPM announced today (July 28) that its Board of Directors voted to reject a proposed swap of the departmental government of Antioquia’s majority share in the (estimated) US$5 billion Hidroituango hydroelectric project — in exchange for giving Antioquia a minority share in EPM. The EPM Board “analyzed the proposal of [acting] […]