Companies

EPM Gets US$100 Million from Mapfre for Hidroituango Damages; Seeks US$1.29 Billion Debt Authorization

Medellin Herald September 1, 2021

Medellin-based multinational electric power giant EPM announced August 31 that insurer Mapfre’s just-issued US$100 million payment for physical damages at the estimated US$5 billion Hidroituango hydroelectric project now brings total damage payments from Mapfre to US$450 million. EPM recently

Companies

Coltejer Posts Net Loss for 2Q 2021

Medellin Herald August 18, 2021

Medellin-based textile giant Coltejer announced August 17 a COP$14 billion (US$3.6 million) net loss for second quarter (2Q) 2021, down from a COP$724 million (US$187,000) net profit in 2Q 2020. Gross income likewise plummeted to COP$5 billion (US$1.3 million), from COP$16.3 billion (US$4.2 million) in 2Q 2020 as a result of Coltejer’s shut-down of its […]

Companies

Gran Colombia Gold 2Q 2021 Net Income Improves Year-on-Year

Medellin Herald August 15, 2021

Toronto-based gold miner Gran Colombia Gold (GCG) announced August 12 that its second quarter (2Q) 2021 net income climbed to US$29.8 million, a reversal from a US$18.6 million net loss in 2Q 2020. The reversal “reflects a $9.2 million improvement in income from operations and a gain on financial instruments of $1.5 million in the […]

Companies

Construcciones El Condor Posts Net Loss for 1H 2021

Medellin Herald August 15, 2021

Medellin-based highway construction giant Construcciones El Condor on August 13 reported a first half (1H) 2021 net loss of COP$7.67 billion (US$2 million) — mainly a temporary accounting impact from presumed losses arising from its partial stake in the “Vías de las Américas” highway concession project, which is in bankruptcy. “This is a non-recurring

Companies

Enka 1H 2021 Profits Rebound Year-on-Year

Medellin Herald August 15, 2021

Medellin-based textile and recycled plastics specialist Enka de Colombia announced August 13 that its first half (1H) 2021 net profits jumped to COP$29 billion (US$7.5 million), a reversal from a COP$4.4 billion (US$1.1 million) net loss in 1H 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at an all-time historic high — COP$37

Companies

Mineros 2Q 2021 Profits Rise Year-on-Year

Medellin Herald August 15, 2021

Medellin-based multinational gold mining giant Mineros SA announced August 10 that its second quarter (2Q) 2021 consolidated net profit rose to US$10.4 million, up from US$8.7 million in 2Q 2020. Revenues likewise rose, to US$128.4 million, up from US$126.3 million in 2Q 2020. But earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to US$41.8

Companies

Mineros 2Q 2021 Profits Rise Year-on-Year

Medellin Herald August 15, 2021

Medellin-based multinational gold mining giant Mineros SA announced August 10 that its second quarter (2Q) 2021 consolidated net profit rose to US$10.4 million, up from US$8.7 million in 2Q 2020. Revenues likewise rose, to US$128.4 million, up from US$126.3 million in 2Q 2020. But earnings before interest, taxes, depreciation and amortization (EBITDA) dipped to US$41.8

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 significant recovery from the net loss presented in 2Q […]

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