Colombian economy

Colombia GDP Growth Seen Rebounding to 4.9% in 2021; Wall Street, President Duque Like U.S. President-Elect Biden

Medellin Herald November 9, 2020

Wall Street bond rater Fitch Ratings announced November 6 that Colombia’s gross domestic product (GDP) is likely to rebound to a positive 4.9% in 2021, up from the Coronavirus-caused 6.9% GDP contraction this year. Meanwhile, bond ratings on Colombian sovereign debt remain at a modest “BBB-”

Companies

ISA 3Q 2020 Net Income Jumps 19% Year-on-Year

Medellin Herald November 6, 2020

Medellin-based multinational electric-power transmission, highway concessionaire and telecom infrastructure giant ISA announced November 5 that third quarter (3Q) net income rose 19% year-on-year, to COP$483 billion (US$128 million). Operating revenues for the latest quarter jumped 21% year-on-year, to COP$2.4 trillion (US$638 million). Earnings before interest, taxes,

Companies

Celsia 3Q 2020 Adjusted Net Income Rises 16% Year-on-Year

Medellin Herald November 5, 2020

Medellin-based electric power giant Celsia announced November 5 that its third quarter (3Q) adjusted net income rose 16% year-on-year, to COP$59 billion (US$15.7 million). Consolidated revenues for 3Q 2020 rose 2% year-on- year. However, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) declined 22%, to COP$201 billion (US$53.5 million).

Companies

Fabricato 3Q 2020 Net Loss Trimmed by 75% Year-on-Year

Medellin Herald November 3, 2020

Medellin-based textile giant Fabricato announced November 3 in a filing with Colombia’s Superfinanciera oversight agency that its third quarter (3Q) 2020 net loss came-in at COP$3.29 billion (US$861,000), a 75% improvement over the COP$13.27 billion (US$3.47 million) net loss in 3Q 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to

Companies

Nutresa 3Q 2020 Net Income Rises Year-on-Year

Medellin Herald October 31, 2020

Medellin-based multinational prepared-foods giant Grupo Nutresa announced October 30 that its third quarter (3Q) net income rose 7% year-on-year, to COP$142 billion (US$36.6 million). Operating income also rose, to COP$2.8 trillion (US$722 million) in 3Q 2020 versus COP$2.5 trillion (US$645 million) in 3Q 2019. For the first nine months of 2020 (through September),

Companies

Éxito 3Q 2020 Profits Soar 369% Year-on-Year; ‘Sustainable Livestock’ Initiative Launches

Medellin Herald October 29, 2020

Medellin-based multinational supermarket and home-products giant Grupo Exito announced October 28 that its third quarter (3Q) 2020 net profits jumped by 369% year-on-year, to COP$52 billion (US$13.5 million). On the other hand, recurring earnings before interest, taxes, depreciation and amortization (EBITDA) actually dipped 9.4% year-on-year, although sales rose a modest

Companies

PepsiCo Unveils US$93 Million Snack-Foods Plant Project in Antioquia

Medellin Herald October 15, 2020

U.S.-based multinational snack-foods giant PepsiCo announced October 14 a US$93 million investment in a production plant in Guarne, Antioquia, just east of Medellin. Colombia President Ivan Duque hailed the announcement during a nationally televised address October 14, citing this latest example of economic reactivation initiatives here even in the face of the Covid-19

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 1), the new “Afinia” unit of EPM is now responsible for investing at […]

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