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

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] […]

Companies

EPM Group’s First-Half 2021 Net Profits More-Than-Double Year-on-Year

Medellin Herald July 28, 2021

Medellin-based multinational utilities giant EPM announced July 27 that its first half (1H) net income hit COP$1.9 trillion (US$483 million), more than double the COP$717 billion (US$192 million) profit in 1H 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to COP$3.5 trillion (US$890 million), up from COP$2.8 trillion (US$752 million) in

Colombian economy

U.S. State Department: Colombia’s Strengths Outweigh Weaknesses for Foreign Investment

Medellin Herald July 27, 2021

A new report from the U.S. State Department finds that Colombia offers relatively favorable conditions for foreign direct investment (FDI) here – even though some regulatory areas still need updating or improvements The new U.S. report – just one of dozens analyzing the relative strengths/weaknesses for FDI in 170 nations globally – notes that Colombia […]

Companies

Update: Coltejer Shutters Production of Non-Woven Fibers, Eyes ‘Reinvention’

Medellin Herald July 16, 2021

Medellin-based textile giant Coltejer revealed in separate July 15 and July 17 filings with Colombia’s Superfinanciera corporate oversight agency that it has decided to suspend production of non-woven fibers and begin a process to “reinvent” its whole business model. “Taking into account the impact that the company has suffered due to issues related to [below-cost […]