Companies

ISA, Construcciones El Condor Ink Highway Concessions Alliance Deal; Conconcreto Wins New Financing Package

Medellin Herald December 20, 2018

Medellin-based international electric-power transmission and highway concessions giant ISA announced December 19 an “alliance” deal with Medellin-based construction giant Construcciones El Condor for highway deals in Colombia and Peru. According to the new partners, ISA will have a controlling

Profiles

Venezuela Crisis Brings Both Tragedy & Triumph to Medellin: Rui Pereira’s Story

Medellin Herald December 15, 2018

The ever-worsening economic and social crisis in Venezuela — caused by the criminal narco-communist Castro-Chavista dictatorship — is now likely to trigger out-migration of about 25% of the entire population, according to a shocking new study by Washington, DC-based Brookings Institution. The new study — revealed by Brookings researcher Dany Bahar in a

Companies

Cooperativa Financiera de Antioquia Wins AA Debt Risk-Rating

Medellin Herald December 12, 2018

Medellin-based credit union Cooperativa Financiera de Antioquia (CFA) revealed this month in a filing with Colombia’s Superfinanciera regulatory agency that it won a favorable AA rating for long-term debt from Bogota-based debt rater Value & Risk Rating (VRR). CFA also won a favorable “VrR1” rating from VRR for short-term debt risk, according to the filing. […]

Companies

Update: EPM Adopts US$5.3 Billion Budget for 2019; Wins US$1 Billion Credit-Lines OK

Medellin Herald November 23, 2018

Medellin-based multinational power and utilities giant EPM announced November 27 that its board adopted a full-year 2019 budget of COP$17.4 trillion (US$5.3 billion), which includes a COP$1.1 trillion (US$337 million) payment of profits to its sole shareholder: the city of Medellin. Another COP$1.1 trillion (US$337 million) in 2019 will go for repairs and continuing

Companies

Coltejer Hires Consultant To Develop ‘Financial Restructuring’

Medellin Herald November 23, 2018

Medellin-based textile manufacturing giant Coltejer revealed in a November 22 filing with Colombia’s Superfinanciera regulatory agency that it has hired a consultant to develop a financial restructuring plan in order to pay liabilities. According to the filing, the company also seeks a credit worth COP$12 billion (US$3.7 million) to buy cotton feedstocks for its

Companies

Conconcreto 3Q 2018 Net Income Jumps 46% Year-on-Year

Medellin Herald November 22, 2018

Medellin-based construction giant Conconcreto announced November 14 that its third quarter (3Q) 2018 net income rose 46.4% year-on-year, to COP$50 billion (US$15.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 6.6%, to COP$147 billion (US$46 million), while EBITDA margin climbed to 20.9%, from 14.7% a year earlier. Gross revenues

Companies

Mineros, Gran Colombia Gold Post Better Year-on-Year Profits in 3Q 2018

Medellin Herald November 20, 2018

Medellin-based gold mining giant Mineros SA on November 20 reported a 10.2% boost year-on-year in third quarter (3Q) 2018 net income, to COP$19.7 billion (US$6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2018 also rose 7.6% year-on-year, while EBITDA margin rose 13.5%, according to the company. Cash cost of operations dipped

Colombian economy

Colombia GDP Rebounding to 3.3% in 2019, 3.5% in 2020: Fitch

Medellin Herald November 16, 2018

Wall Street bond rater Fitch on November 14 issued a “stable” outlook for Colombian sovereign debt and simultaneously upgraded its GDP forecast to 3.3% growth in 2019 and 3.5% in 2020. “Ivan Duque’s 2018 presidential election victory is expected to lead to continuity in the government’s monetary and fiscal policies, including abiding by its fiscal […]

Companies

Grupo Sura 3Q 2018 Net Income Drops 10% Year-on-Year

Medellin Herald November 15, 2018

Medellin-based insurance and asset manager Grupo Sura announced November 14 that its third quarter (3Q) 2018 net income fell 10.2% year-on-year, to COP$413 billion (US$139.2 million). “The decrease is due to the impact of the difference in the rate of exchange [falling Colombian peso versus U.S. dollar],” the company noted. However,  Suramericana insurance-division

Companies

Grupo Orbis Posts COP$8 Billion Net Loss for 3Q 2018

Medellin Herald November 15, 2018

Medellin-based Grupo Orbis – which includes Pintuco paints, Andercol Chemicals and O-Tek water treatment technologies – on November 14 posted a COP$8 billion (US$2.5 million) net loss for 3Q 2018, compared to a COP$3.2 billion (US$1 million) net profit in 3Q 2017. For the nine-months of 2018, Orbis posted a net loss of COP$35.5 billion […]