Companies

EPM Now Controls ‘Afinia’ Electric Power Group in Caribbean Market; Faces US$2 Billion Investment Risk, Massive Culture of Non-Payment

Medellin Herald October 1, 2020

Colombia’s national government on September 30 officially signed papers handing-over half of the former “Electricaribe” power operation in five Caribbean coastal departments to Medellin-based EPM effective October 1. The deal for what was once dubbed “CaribeMar” means that as of today (October

Companies

Sura Insurance Exposure ‘Very Low’ in US$2.6 Billion Hidroituango Conciliation Lawsuit

Medellin Herald August 18, 2020

Medellin-based multinational insurance giant Seguros Sura announced August 16 that while it’s partly vulnerable to EPM’s new US$2.6 billion “conciliation” lawsuit against Hidroituango contractors and insurers, its net exposure is “very low.” “Seguros Sura is not the insurer of Hidroituango’s construction damage policy [actually, that policy is covered by Mapfre insurance];

Companies

Grupo Sura 2Q 2020 Net Income Falls 17.7% Year-on-Year; 1H 2020 Down 74%

Medellin Herald August 15, 2020

Medellin-based multinational insurance, pensions and investments giant Grupo Sura announced August 14 that its second quarter (2Q) 2020 net income fell 17.7%, to US$87 million, while first half (1H) net income dropped 74%, to US$66 million. During 1H 2020, “despite the [Covid-19] pandemic, revenues totaled COP$10 trillion [US$2.72 billion, down 4% year-on-year], with

Companies

Enka Posts COP$1.4 Billion Net loss for 2Q 2020 on Covid-19 Impact

Medellin Herald August 15, 2020

Medellin-based textiles and plastics recycling giant Enka Colombia on August 14 posted a COP$1.4 billion (US$369,000) net loss for second quarter (2Q) 2020, down from a COP$3.2 billion (US$843,000) net profit in 2Q 2019. Gross revenues fell 40%, to COP$58 billion (US$15 million), versus COP$97 billion (US$25 million) in 2Q 2019, according to the company. […]

Companies

Grupo Argos 2Q 2020 Net Income Plummets 72% Year-on-Year on Covid-19 Impacts

Medellin Herald August 14, 2020

Medellin-based cement, electric power and highway/airports concessionaire Grupo Argos on August 13 reported a second quarter (2Q) 2020 net income of COP$62 billion (US$16 million), down 72% year-on-year. Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 15% year-on-year, to COP$890 billion (US$236 million), while gross revenues fell 14%, to

Companies

Construcciones El Condor 2Q 2020 Profits Soar Year-on-Year Despite Covid-19 Slowdowns

Medellin Herald August 13, 2020

Medellin-based highway- and tunnel-construction giant Construcciones El Condor on August 12 reported a 221% year-on-year jump in second quarter (2Q) 2020 net income, to COP$15.8 billion (US$4.2 million). The big jump in profits is explained by the COP$13 billion (US$3.4 million) net loss recorded in 2Q 2019 “due to the incorporation by the equity method […]

Companies

EPM, Construction Contractors in Conciliation on US$2.6 Billion Losses from Hidroituango Tunnel Collapse in 2018

Medellin Herald August 11, 2020

Medellin-based electric power giant EPM announced August 10 a new conciliation process with the “Hidroituango” design and construction contractors to resolve an estimated US$2.6 billion in losses resulting from a diversion tunnel collapse at the hydroelectric dam project two years ago. The conciliation process aims to avoid a lengthy court battle over damage claims at […]

Companies

Mineros SA 2Q 2020 Profits Nearly Triple Year-on-Year

Medellin Herald August 11, 2020

Medellin-based multinational gold mining giant Mineros SA on August 10 reported a US$6.7 million net profit for second quarter (2Q) 2020, up from US$2.4 million in 2Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 82% year-on-year, to US$52.8 million, with EBITDA margin hitting 34%. Revenues likewise rose by 35% year-on-year, to US$126

Companies

Celsia 2Q 2020 Net Profit More Than Doubles Year-on-Year

Medellin Herald August 11, 2020

Medellin-based electric power giant Celsia announced August 10 that its second quarter (2Q) 2020 net profit soared to COP$96.6 billion (US$25.8 million), from COP$43 billion (US$11.5 million) in 2Q 2019. As for first-half (1H) 2020, consolidated net profit hit COP$183 billion (US$48.9 million), up sharply from COP$96.8 billion (US$25.8 million) in 1H 2019. While profits

Companies

Conconcreto 2Q 2020 Profits Fall 61% Year-on-Year on Covid Slowdown

Medellin Herald August 7, 2020

Medellin-based highway, dam and buildings construction giant Constructora Conconcreto announced August 6 that its second quarter (2Q) 2020 net income fell 61% year-on-year, to COP$22 billion (US$5.87 million), from COP$57 billion (US$15 million) in 2Q 2019. Ordinary income likewise fell 37% year-on-year, to COP$264 billion (US$70.5 million), while earnings before interest,