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

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

Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help boost Colombia’s government finances because Ecopetrol soon would sell more of its

Companies

Ecopetrol Unveils US$3.8 Billion Bid for 51% of Medellin-Based Electric Power Giant ISA

Medellin Herald January 27, 2021

Colombia’s mostly state-owned Ecopetrol oil company announced January 27 that it’s making a bid worth an estimated US$3.8 billion for the Colombian government’s existing 51% share stake in Medellin-based multinational electric power transmission giant ISA. The bid, if successful, would help boost Colombia’s government finances because Ecopetrol soon would sell more of its

Companies

Sura, Axa, SBS, Mapfre Payments Net EPM US$1.1 Billion in Hidroituango Insurance Claims

Medellin Herald January 24, 2021

Medellin-based electric power giant EPM announced last night (December 23) that in addition to the US$983.4 million (COP$3.84 trillion) that project insurer Mapfre is paying for Hidroituango hydroelectric-project damages, Medellin-based insurance giant Sura just paid an additional US$100.6 million for “civil director” claims also arising from a 2018 diversion-tunnel