Colombian economy

Colombia 3Q 2020 GDP Rebounds by 8.7% Over 2Q 2020

Medellin Herald November 17, 2020

Colombia’s national economic statistics agency (Departamento Administrativo Nacional Estadistica, DANE) announced November 17 that third quarter (3Q) gross domestic product (“PIB” in Spanish initials) rebounded by 8.7% over second quarter (2Q) 2020. While the sharp increase in GDP in the latest

Companies

Bancolombia 3Q 2020 Net Income Falls 68% Year-on-Year

Medellin Herald November 15, 2020

Medellin-based multinational banking giant Bancolombia on November 12 reported a 68% decline year-on-year in third quarter (3Q) 2020 profits, to COP$73 billion (US$20 million). For nine-months 2020, net income so far this year is down 79.5%, to COP$542 billion (US$149 million), according to the company. Despite the pandemic-caused decline in earnings, “Bancolombia

Companies

Enka 9-Months 2020 Profits Drop; Petrotemex Unveils Bid for 25% Equity Stake

Medellin Herald November 13, 2020

Medellin-based textile and plastics recycling giant Enka Colombia announced November 12 that its nine-months 2020 net profits have dropped by two-thirds, to COP$2.2 billion (US$604,000). Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped modestly, to COP$23.8 billion (US$6.5 million), from COP$26 billion (US$7.1 million) in nine-months 2019.

Companies

Grupo Argos 3Q 2020 Net Profits Fall 85% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based multinational cement producer, electric power generator and airport/highways concessions giant Grupo Argos announced November 12 that its third quarter (3Q) 2020 profits plunged 85% year-on-year, to COP$77.8 billion (US$21 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2020 likewise fell 39% year-on-year, to COP$857

Companies

Sura 3Q 2020 Net Profits Fall 72% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based insurance and investment giant Grupo Sura announced November 13 that its third quarter (3Q) net profit fell 72% year-on-year, to COP$23.9 billion (US$6.56 million). Nine-months 2020 net profit likewise fell 73% year-on-year, to COP$397 billion (US$109 million), according to the company. “The insurance business continued to show resilience, even at a time

Companies Uncategorized

Construcciones El Condor Suffers 415% Year-on-Year Drop in 3Q 2020 Net Income

Medellin Herald November 13, 2020

Medellin-based highway construction giant Construcciones El Condor on November 12 reported a 415% year-on-year plunge in third quarter (3Q) 2020 net income, to COP$16 billion (US$4.4 million). Gross income for 3Q 2020 was down 11%, to COP$565 billion (US$155 million), “explained by the paralysis in the execution of the works on the occasion of the […]

Companies

Mineros SA 3Q 2020 Profits Jump 25% Year-on-Year

Medellin Herald November 13, 2020

Medellin-based multinational gold mining giant Mineros SA announced November 12 that its third quarter (3Q) 2020 net profit rose 25% year-on-year, to US$24.8 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 39% year-on-year, to US$51.9 million, while revenues rose 14%, to US$121 million, according to the company. Costs also

Companies

Gran Colombia Gold 3Q 2020 Profits Jump Year-on-Year

Medellin Herald November 12, 2020

Toronto-based Gran Colombia Gold – whose principal mining operations are in Antioquia – announced November 11 that its third quarter (3Q) adjusted net income rose to U.S$29.5 million, up from US$16 million in 3Q 2019. As for the first nine months of 2020, adjusted net income rose to US$68.2 million, from US$43 million in the […]

Companies

Cementos Argos 3Q 2020 Net Income Doubles Year-on-Year

Medellin Herald November 11, 2020

Medellin-based multinational cement/concrete giant Cementos Argos reported November 10 in a filing with Colombia’s Superfinanciera oversight agency that its third quarter (3Q) 2020 net income more-than doubled year-on-year, to COP$73 billion (US$20 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) also rose 9% year-on-year, to COP$479

Companies

Orbis 3Q 2020 Net Income Rises 12% Year-on-Year

Medellin Herald November 11, 2020

Medellin-based multinational paints, chemicals, piping and hardware giant Grupo Orbis announced November 10 that its third quarter (3Q) 2020 net income rose 12% year-on-year, to COP$14.6 billion (US$4 million), excluding the effect of the sale of a non-operating property in Central America. Orbis brands include Pintuco paints, Andercol chemicals, O-tek piping and Mundial