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.

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

Colombian economy

Colombia’s 2020 GDP Shrinks 6.8% on Covid Crisis, but Rebounds Point to Growth

Medellin Herald February 16, 2021

Colombia’s national economic statistical agency DANE on February 15 revealed that the national gross domestic product (PIB in Spanish initials) shrunk by 6.8% for full-year 2020 — all because of the Covid-19 crisis. However, GDP sequentially rebounded in third quarter (3Q) and fourth quarter (4Q) 2020, compared to the huge 15% decline in second quarter […]

Companies

Enka Full-Year 2020 Profits Stable, but Coltejer Losses Worsen

Medellin Herald February 11, 2021

Medellin-based textile and plastics-recycling giant Enka Colombia announced February 10 that its full-year 2020 profits rose to COP$15.2 billion (US$4.3 million), up slightly from COP$15 billion (US$4.25 million) in full-year 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) for full-year 2020 rose 7% year-on-year, to COP$38 billion (US$10.7