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

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

Colombian economy

Government, Private Sector Muddling-Through Financial Challenges of Coronavirus

Medellin Herald March 30, 2020

Colombia President Ivan Duque on March 29 hailed the move by the Ministry of Finance to extend COP$70 trillion (US$17 billion) in favorable credits to banks and their commercial, industrial and consumer customers — in order to enable broader debt refinancing, maintain employment and keep paying wages to workers during the Coronavirus crisis. With this […]

Companies

EPM Full-Year 2019 EBITDA Rises 17% Year-on-Year

Medellin Herald March 27, 2020

Medellin-based multinational utilities giant EPM revealed in a March 27 filing with Colombia’s Superfinanciera corporate oversight agency that its full-year 2019 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 17% year-on-year, to COP$6 trillion (US$1.5 billion). EBITDA margin hit 33% — best in five years, according to EPM. Out of its

Colombian economy

Colombia President: Coronavirus to Cut 2020 Economic Growth; Fedesarrollo Foresees Feeble 1.2% PIB

Medellin Herald March 27, 2020

Colombia President Ivan Duque announced March 27 that the Coronavirus crisis and the resulting quarantine of most of the population is likely to cut Colombia’s gross domestic product (“PIB” in Spanish initials) this year. While late-2019 and early-2020 forecasts had indicated that Colombia seemed on track for around 3.5% PIB growth this year, Duque stated […]