Companies

Cementos Argos 2Q 2020 Profits Drop 79% Year-on-Year on Covid Crisis

Medellin Herald August 6, 2020

Medellin-based multinational cement/concrete giant Cementos Argos reported August 6 that its second quarter (2Q) 2020 net profits dropped 79% year-on-year, to COP$12 billion (US$3.2 million). Revenues likewise declined by 9%, to COP$2.1 trillion (US$555 million), while adjusted earnings before

Companies

Nutresa 2Q 2020 Net Profit Rises 8% Year-on-Year

Medellin Herald August 1, 2020

Medellin-based multinational foods manufacturing giant Grupo Nutresa on July 31 reported an 8% year-on-year rise in second quarter (2Q) 2020 profits, hitting COP$140 billion (US$37.5 million). Gross revenues in the latest quarter rose 9%, to COP$2.66 trillion (US$713 million), versus COP$2.4 trillion (US$643 million) in 2Q 2019. As for first-half (1H) 2020, Nutresa net

Companies

Fabricato 2Q 2020 Sales Plummet 51% on Covid-19 Crisis, but Net Loss Trimmed

Medellin Herald August 1, 2020

Medellin-based textile giant Fabricato on July 31 reported a 51.2% decline in sales for second quarter (2020) because of the Covid-19 health crisis. Despite sales falling to COP$42.4 billion (US$11.3 million) in 2Q 2020, net loss came-in at COP$10.4 billion (US$2.78 million), an improvement over the COP$12.7 billion (US$3.4 million) net loss in 2Q 2019. […]

Companies

EPM First-Half 2020 Net Income Falls 45% Year-on-Year; Hidroituango Project Cost Estimate Rises Nearly 6%

Medellin Herald July 29, 2020

Medellin-based multinational utilities giant EPM announced July 28 that its first half (1H) 2020 net income fell 45% year-on-year, to COP$717 billion (US$192 million). “In the first half of 2020 — globally impacted by the coronavirus pandemic (Covid-19), which has implied significant financial challenges for the organization — the EPM Group’s revenues amounted

Companies

Éxito 2Q 2020 Net Income Vastly Improves Year-on-Year, Defying Covid Crisis

Medellin Herald July 28, 2020

Medellin-based multinational supermarket giant Grupo Exito announced July 27 that its second quarter (2Q) 2020 consolidated net income hit COP$12.8 billion (US$3.5 million) — a complete reversal from the COP$18 billion (US$4.9 million) net loss in 2Q 2019. Sales also rose 7% year-on-year (excluding currency change effects), to COP$3.56 trillion (US$968 million),

Companies

Cemex LatAm Holdings Reports 2Q 2020 Rebound in Profits

Medellin Herald July 28, 2020

Colombia-based cement/concrete giant Cemex LatAm Holdings announced July 27 that its second quarter (2Q) 2020 net income rose to US$11 million, up from a net loss of US$4 million in 2Q 2019. The profit boost came despite a 36% drop in sales and a 32% decline in earnings before interest, taxes, depreciation and amortization (EBITDA), […]

Companies

PharmaCielo Wins Colombian Government OK for 10 Tons of High-THC Marijuana Cultivation, Processing, Export of Psychoactive Extracts

Medellin Herald July 8, 2020

Medellin-based PharmaCielo Colombia and its Toronto-based parent company announced July 8 that it won Colombian government authorization to cultivate 10 tonnes of marijuana with high content of tetrahydrocannabinol (THC, the psychoactive component of pot) and export of medicinal extracts. The authorization “enables PharmaCielo to produce and deliver psychoactive extracts

Colombian economy

Colombia Business Sector Liquidity Improves Thanks to Gradual Reopenings

Medellin Herald July 8, 2020

ANDI — Colombia’s biggest industrial-commercial trade association — announced July 8 that its most recent survey of 200 major companies shows that business liquidity is starting to improve thanks to the gradual reopening of various economic sectors during the current Covid-19 crisis. During the height of the national quarantine and business shutdowns in April,

Companies

EPM Eyes Dramatic Expansions into Infrastructure, Services, Advanced Technologies

Medellin Herald July 3, 2020

Medellin Mayor Daniel Quintero and EPM General Manager Alvaro Rendon revealed in a July 2 filing with Colombia’s Superfinanciera oversight agency an eye-popping proposal that would dramatically expand EPM’s product-and-service offerings nationwide and internationally. Already Colombia’s biggest single energy producer and Medellin’s single-biggest financial contributor, EPM

Colombian economy

Medellin Unemployment Rate Hits 21.6% on Covid-19 Crisis; IMF Sees Rebound in 2021

Medellin Herald June 30, 2020

Colombia’s national economic statistics agency (DANE) announced June 30 that the Covid-19 crisis — now starting its fifth month — predictably has caused massive unemployment nationally as well as locally as a result of quarantines and strict biosafety controls. According to the latest DANE bulletin, the Colombia national unemployment rate skyrocketed to 21.4%