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

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%

Companies

Nine Medellin Companies Among Colombia’s Top-25 Social Investment Leaders

Medellin Herald June 25, 2020

The U.S. Agency for International Development (USAID), Semana Sustainability magazine and project-development consultant Jaime Arteaga & Asociados jointly announced June 25 results of a prestigious nationwide competition to determine Colombia’s top social-investment leaders. Medellin-based companies took nine of the top-25 spots in the “Indice de Inversion Social

Real Estate

Colombia to Debut Reverse-Mortgage Regulations in 2nd-Half 2020

Medellin Herald June 12, 2020

Colombia President Ivan Duque and Colombia Housing Minister Jonathan Malagón jointly announced June 12 in a nationally televised address that reverse mortgages will become legal here following regulations scheduled for publication in second-half 2020. While reverse mortgages are common in North America and elsewhere – mainly enabling retired persons to generate an

Companies

Coronavirus Outbreak to Delay Hidroituango Start-up to 2022: EPM

Medellin Herald June 12, 2020

Medellin-based electric power giant EPM revealed June 11 in a filing with Colombia’s Superfinanciera oversight agency that its US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric plant in Antioquia won’t start-up until 2022. The company had been planning for a December 2021 start-up of the first four turbine units. But the Covid-19 outbreak that is idling hundreds of

Companies

Conconcreto 1Q 2020 Profits Fall 34% Year-on-Year

Medellin Herald May 27, 2020

Medellin-based construction giant Constructora Conconcreto revealed in a May 26 filing with Colombia’s Superfinanciera oversight agency that its first quarter (1Q) 2020 net income fell 34% year-on-year, to COP$20 billion (US$5.3 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) also fell 16% year-on-year, to COP$44.7 billion (US$11.9