Companies

Update: Moody’s, Fitch Both Confirm EPM’s Investment-Grade Rating Despite Hidroituango Issues

Medellin Herald August 25, 2018

Wall Street bond rater Fitch announced September 12 that it has decided to maintain its “AAA (col)” investment-grade rating for Medellin-based multinational electric power giant EPM — but issued a cautionary “negative” outlook. The Fitch decision follows in the wake of fellow

Companies

ISA 2Q 2018 Net Income Drops Year-on-Year, But First-Half 2018 Still Profitable

Medellin Herald August 23, 2018

Medellin-based multinational electric-power grid operator ISA reported August 13 that its second quarter (2Q) 2018 net income dropped 16% year-on-year, to COP$232 billion (US$77.6 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2Q 2018 likewise dropped 3.8% year-on-year, to COP$945 billion (US$316 million), according to the company. As

Companies

EPM First-Half 2018 EBITDA Grows 10% Year-on-Year

Medellin Herald August 18, 2018

Medellin-based multinational utilities giant EPM announced July 31 that its first-half (1H) 2018 earnings before interest, taxes, depreciation and amortization (EBITDA) grew 10% year-on-year, to COP$2.5 trillion (US$865 million). Net profits for 1H 2018 were steady year-on-year, at COP$1 trillion (US$ 346 million), according to the company. The city of Medellin – EPM’s

Companies

Enka, Coltejer Post Year-on-Year Net Losses for 2Q 2018, But Exports Improving

Medellin Herald August 7, 2018

While sales and export revenues are starting to improve for Medellin’s textile manufacturing giants, net profits are still hard to come by, as evidenced by the latest second quarter (2Q) 2018 results from Enka Colombia and Coltejer. In a financial report issued August 6, Enka revealed that gross income rose to COP$196 billion (US$67 million) […]

Companies

Bancolombia 2Q 2018 Net Income Dips 9.5% Year-on-Year

Medellin Herald August 2, 2018

Medellin-based international banking giant Bancolombia reported August 2 that its second quarter (2Q) 2018 consolidated net income dropped 9.5% year-on-year, to COP$592 billion (US$204 million), from COP$653 billion (US$225 million) in 2Q 2017. Despite the year-on-year decline, the 2Q 2018 profits were 13% better than first-quarter (1Q) 2018 profits, according to the

Companies

Fabricato Posts US$2.6 Million Net Loss in 2Q 2018

Medellin Herald July 31, 2018

Medellin-based textile giant Fabricato on July 31 posted a COP$7.4 billion (US$2.6 million) net loss for second quarter (2Q) 2018, down from a COP$16 billion (US$5.5 million) net profit in 2Q 2017. Earnings before interest, taxes, depreciation and amortization (EBITDA) came-in at COP$2.8 billion (US$970,000) in 2Q 2018, an improvement over the COP$1.6 billion (US$554,000)

Companies

Nutresa 2Q 2018 Profits Jump 27% Year-on-Year

Medellin Herald July 30, 2018

Medellin-based international packaged foods giant Grupo Nutresa announced July 27 that its second-quarter (2Q) 2018 profits rose 27% year-on-year, to COP$124 billion (US$43 million), while sales rose 5%, to COP$2.2 trillion (US$765 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose a modest 1.6%, to COP$267 billion (US$93 million), while

Companies

Cemex Colombia 2Q 2018 Operating EBITDA, Sales Dip Year-on-Year

Medellin Herald July 27, 2018

Cemex Latam Holdings — a division of Mexico-based cement giant Cemex — announced July 26 that second-quarter (2Q) 2018 operating earnings before interest, taxes, depreciation and amortization (EBITDA) for its Colombia operations dipped 4% year-on-year, to US$21.6 million. Sales in 2Q 2018 in Colombia also dipped 5% year-on-year, to US$129 million, while

Companies

Accenture Unveils ‘Advanced Technology Center’ in Medellin; 500 Jobs Opening

Medellin Herald July 19, 2018

New York-based global high-tech consultancy Accenture on July 18 officially announced the opening of its “Advanced Technology Center” at Medellin’s “Ruta N” landing space, aiming to serve information technology (IT) customers throughout the Americas. “The center’s professionals will work with clients in a wide range of industries, including finance, telecommunications,

Companies

Medellin Motorcycle Giant Auteco Opens National Distribution Center in Rionegro

Medellin Herald July 18, 2018

Medellin-based motorcycle assembler/wholesaler Auteco announced July 10 that it just opened a massive, 9,125-square-meters parts-distribution center in the neighboring suburb of Rionegro, Antioquia. Auteco – born in Medellin in 1941 – currently builds and markets major motorcycle brands for all of Colombia, including Kawasaki, Bajaj, Kymco, KTM, and Stärker, the latter an