Companies

AngloGold’s ‘Quebradona’ Mine Project in Antioquia Resumes Preliminary Works with Strict Health Protocols; Environmental Licensing Process Continues

Medellin Herald April 23, 2020

AngloGold Ashanti Colombia announced April 23 that its proposed “Quebradona” copper-gold mine project near Jerico, Antioquia soon will get a second information-gathering visit from Colombia’s Agencia Nacional de Licencias Ambientales (ANLA, the environmental permitting agency). Commenting on

Economy & Finance

Antioquia, Colombia Cut-Flower Exporters See Mother’s-Day Rebound Despite Crisis

Medellin Herald April 18, 2020

The east-of-Medellin “Oriente” region — second only to Cundinamarca in Colombia’s gigantic cut-flower export industry – aims for a sales rebound for the upcoming May 10 annual “Mother’s Day” demand surge typically seen in North America, Europe and parts of Asia. As noted in an April 14 bulletin from Asocolflores (the national flower-producers’ trade association),

Colombian economy

IMF: Global GDP to Contract in 2020, Rebound in 2021; Colombia Doing Better than Most

Medellin Herald April 15, 2020

The International Monetary Fund (IMF) on April 14 issued an updated forecast concluding that the Coronavirus crisis likely will slash 2020 global gross domestic product (“PIB” in Spanish initials) to a net-negative 3% — compared to 2.9% net-positive PIB growth in 2019. Colombia likewise probably will suffer a net-negative 2.4% PIB in 2020, IMF’s report […]

Economy & Finance

Coronavirus-Slammed Businesses Reaching Critical Point on Cash Liquidity: ANDI

Medellin Herald April 14, 2020

Colombia’s national industrial-commercial trade association ANDI on April 14 released results of a national member survey showing that Colombia’s business sector is close to hitting a critical wall on cash liquidity – because of the Coronavirus quarantine crisis. The survey of 172 companies that collectively generated COP$56.8 trillion (US$14.7 billion) in operating income

Companies

Éxito Producing 2 Million Coronavirus Masks Every Week; Heading to Stores Soon

Medellin Herald April 8, 2020

Medellin-based Grupo Exito announced April 7 that it’s accelerating mass production of special masks to protect against Coronavirus infections – and plans to sell the masks at its Exito, Carulla, Surtimax, SuperInter and Surtimayorista stores throughout Colombia. “Today more than 3,000 people are dedicated to making face masks in the workshops where the clothes of […]

Companies

Isagen Full-Year 2019 Net Income Rises 9% Year-on-Year

Medellin Herald April 4, 2020

Medellin-based electric power generation giant Isagen revealed in an April 2 filing with Colombia’s Superfinanciera corporate oversight agency that its full-year 2019 net income rose 9% year-on-year, to COP$495 billion (US$123 million). However, fourth-quarter (4Q) 2019 net income dropped 62% year-on-year, to COP$144 billion (US$35.8 million), as lower rainfall in Colombia

Companies

Fabricato Full-Year 2019 Financial Results Improve, but Still in Red

Medellin Herald March 31, 2020

Medellin-based textile giant Fabricato on March 30 announced that its full-year 2019 financial results improved 68% year-on-year — but still produced red ink. The net loss for 2019 was COP$10 billion (US$2.47 million), a big improvement over the 2018 net loss of COP$31.7 billion (US$7.8 million), according to the company. Gross revenues rose 3.8%, to […]

Companies

Gran Colombia Gold Posts Full-Year 2019 Net Loss on Marmato Write-Down

Medellin Herald March 31, 2020

Toronto-based Gran Colombia Gold – Colombia’s biggest gold miner, principally in Antioquia – on March 30 reported a full-year 2019 net loss of US$131 million, far worse than the US$3.4 million net loss in 2018 — all because of a one-time accounting write-down. The loss was the result of an after-tax charge of US$153.6 million […]

Companies

Grupo Familia Full-Year 2019 Profits Jump 20% Year-on-Year

Medellin Herald March 31, 2020

Medellin-based multinational paper- and personal-hygiene products manufacturer Grupo Familia on March 30 revealed that its full-year 2019 net income rose 20.2% year-on-year, to COP$247 billion (US$61 million). Sales rose 10.9%, to COP$2.65 trillion (US$654 million), with foreign sales (up 13%) accounting for COP$1.3 trillion (US$321 million) of the total. Colombia sales

Companies

UNE-EPM Posts Modest Full-Year 2019 Profit, Reversing Losses in 2018

Medellin Herald March 31, 2020

Medellin-based nationwide telecom/internet/cable-TV giant UNE-EPM revealed March 31 that its full-year 2019 after-tax profits rose to a relatively modest COP$519 million (US$128,000) — up from a substantial COP$65 billion (US$16 million) net loss in 2018. The profits improvement is explained mainly by the sale of cell-phone towers along with more favorable results