Companies

EPM Board OKs Bid for ‘CaribeMar;’ Would Boost Power-Market Share to 35%

Medellin Herald February 20, 2020

Medellin-based multinational electric power giant EPM announced February 19 that its board of directors gave formal approval for the company to bid on the “CaribeMar” power company in Bolívar, Cesar, Córdoba and Sucre departments in Colombia. If EPM were to win the auction, then its national

Companies

Grupo Exito Full-Year 2019 Net Profit Drops Following Sale of Brazil Ops

Medellin Herald February 20, 2020

Medellin-based multinational retail grocery and dry-goods marketer Grupo Exito announced February 19 that its full-year 2019 net profits came-in at COP$57.6 billion (US$16.9 million), down sharply from the COP$253 billion (US74$ million) in 2018 when the company still included Brazil operations (since sold). “The result was impacted by variations in the tax [regimes], the

Companies

Cementos Argos Debuts US$78 million, Low-Emissions ‘Green Cement’ Plant in Antioquia

Medellin Herald February 18, 2020

Medellin-based multinational cement/concrete giant Cementos Argos on February 14 announced the debut of a US$78 million “green cement” processing facility at its 2.3 million tonnes/year Rioclaro, Antioquia cement plant. The new technology cuts carbon dioxide (CO2) emissions by up-to-38% while cutting energy consumption by 30%, according to Argos. “For the first time in

Companies

Cemex LatAm Full-Year 2019 Profits Fall Sharply, but Colombia Relatively Positive

Medellin Herald February 12, 2020

Colombia-based cement/concrete producer Cemex LatAm Holdings revealed in a February 12 filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 net profits plummeted to US$4 million, from US$63 million in 2018. For fourth quarter (4Q) 2019, the company posted a net loss of US$3 million, compared to a 4Q 2018 net profit of US$10 […]

Companies

Compañía de Empaques Full-Year 2019 Profits Improve Year-on-Year

Medellin Herald February 12, 2020

Medellin-based Compañia de Empaques — manufacturer of more than 1,500 types of packaging materials and fibers for industrial, agricultural, construction and infrastructure sectors – on February 10 revealed in a filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 profits hit COP$12.8 billion (US$3.77 million), up from COP$10.6 billion (US$3

Companies

Air Europa Expands Medellin-Madrid Nonstop Service

Medellin Herald February 11, 2020

Spain-based Air Europa announced February 10 that it’s expanding its Medellin-Madrid-Medellin nonstop service to four times per week (up from three currently) starting in April 2020. “This new operation, which responds to the good [market-demand] behavior shown by the route since its launch [last June], will mean an average increase of 30.7% in the number […]

Companies

Valores Simesa Reports US$6.1 Million Profit for Full-Year 2019, Proposes Stock Buyback

Medellin Herald February 10, 2020

Medellin-based real-estate developer Valores Simesa on February 7 reported an after-tax profit of COP$21.1 billion (US$6.1 million) for full-year 2019 — and simultaneously revealed in a filing with Colombia’s Superfinanciera agency a proposed COP$20 billion (US$5.8 million) stock buyback. Simesa is the developer of the giant “Ciudad del Rio” residential, commercial

Companies

Enka Full-Year 2019 Profits Skyrocket by 253% Year-on-Year

Medellin Herald February 7, 2020

Medellin-based textiles and waste-plastics recycling specialist Enka Colombia revealed in a February 6 filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 net profits jumped 253% year-on-year, to COP$15 billion (US$4.4 million). “In addition to good operating results, the net result was favored by lower financial expense due to the reduction in

Companies

Coltejer Posts US$7.2 Million Net Loss for Full-Year 2019

Medellin Herald January 30, 2020

Medellin-based textile giant Coltejer on January 29 revealed in a filing with Colombia’s corporate oversight agency Superfinanciera that it suffered a full-year 2019 net loss of COP$24.9 billion (US$7.2 million), a small improvement over the COP$28.9 billion (US$8.5 million) net loss in 2018. Sales also dipped slightly, to COP$141.9 billion (US$41.7 million ) in 2019 […]

Companies

Holcim to Debut Tech Center at Ruta N in Medellin Next Year; 1,000 New High-Tech Jobs

Medellin Herald January 29, 2020

Switzerland-based global cement/concrete giant LafargeHolcim announced January 28 that it aims to invest US$10 million in a new information-technology research center next year for all the Americas at the Ruta N technology incubation center in Medellin. According to the official press bulletin from the Medellin Mayor’s office, the new research center will employ 250 people