Companies

Mineros SA 2017 Profits Rise 32% Year-on-Year; Socially Responsible Projects Grow

Medellin Herald March 17, 2018

Medellin-based gold miner Mineros SA announced March 16 that its full-year 2017 net profits in Colombia rose 16% year-on-year, to COP$114.7 billion (US$40 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) in Colombia hit COP$187.9 billion (US$65.8 million), or

Companies

Enka Full-Year 2017 Net Income Drops, but Exports Climbing

Medellin Herald March 16, 2018

Medellin-based recycled plastics textile manufacturing specialist Enka Colombia announced March 15 that its full-year 2017 net profit fell to COP$1.7 billion (US$595,000), down from COP$10.6 billion (US$3.7 million) in 2016. Colombia’s weak economy in 2017 combined with a 25% drop in domestic demand for textiles hurt Enka sales and profits — but growing exports

Economy & Finance

Medellin, Antioquia Likely to See 3% GDP Growth in 2018: Chamber of Commerce

Medellin Herald March 16, 2018

The Chamber of Commerce of Medellin for Antioquia (CCMA) projects that Antioquia likely will see 3% growth in gross domestic product (“PIB” in Spanish initials) this year, up from 2.2% last year. As noted in a March 15 bulletin from Confecamaras (the Colombian national association of chambers of commerce), Antioquia out-performed Colombia nationally last year, […]

Companies

Pactia’s Colombia, U.S. Real-Estate Development Fund Sees 2017 Profits Jump 41.8%

Medellin Herald March 14, 2018

Private real estate development fund Pactia – administered by Medellin-based Fiduciaria Bancolombia – on March 14 announced that full-year 2017 net income jumped 41.8% year-on-year, hitting COP$132 billion (US$46 million). Gross income also rose 25% year-on-year, to COP$224 billion (US$78.7 million), while earnings before interest, taxes, depreciation and amortization

Companies

Stanley Black & Decker Opens Americas-Region Commercial Finance Center in Medellin: ACI

Medellin Herald March 8, 2018

U.S.-based global power tools, appliances and security-systems manufacturer Stanley Black & Decker just decided to make Medellin its new Americas-region financial services unit for commercial customers — creating 200 new jobs here over the next 12 months. According to Medellin’s business-development agency (Agencia de Cooperación e Inversión de Medellín y el Área

Companies

Conconcreto, Construcciones El Condor See 4Q 2017 Profits Dip Year-on-Year

Medellin Herald March 7, 2018

Medellin-based construction giants Conconcreto and Construcciones El Condor separately reported in late February that fourth-quarter (4Q) net earnings dipped slightly in 2017 versus 2016. For Conconcreto, net income fell 14.9% year-on-year in 4Q 2017 versus 4Q 2016, to COP$78 billion (US$27 million), while earnings before interest, taxes, depreciation and amortization

Companies

UNE EPM Cuts Net Loss in 2017 Versus 2016; Millicom Taking Long View

Medellin Herald March 6, 2018

Medellin-based UNE EPM – the minority shareholder in Colombia’s “TigoUne” cell-phone service partnership as well as related internet, cable TV and land-line services – announced last month that the company’s full-year 2017 consolidated revenues dipped slightly year-on-year, to COP$5.06 trillion (US$1.7 billion). Net loss in 2017 also improved year-on-year, to COP$40

Companies

Nutresa Full-Year 2017 Profits Rise 6.2% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational foods giant Grupo Nutresa on February 22 reported a 6.2% year-on-year rise in profits for full-year 2017, hitting COP$420 billion (US$147 million). Consolidated sales rose 2.4% year-on-year, to COP$8.7 trillion (US$3 billion), after excluding sales in economically failing “socialist” Venezuela. In Colombia, sales rose 2.5% year-on-year, to

Companies

ISA 2017 Profits Jump 44.5% Year-on-Year

Medellin Herald February 27, 2018

Medellin-based multinational electric power transmission giant ISA announced February 26 that full-year 2017 net profits rose 44.5% year-on-year, to COP$1.1 trillion (US$386 million), largely thanks to improved financial results in its Brazilian electric-power operations. Earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$4.4 trillion (US$1.5

Companies

Sura 2017 Net Income Falls 13% Year-on-Year on Unfavorable COP/Dollar Rates

Medellin Herald February 27, 2018

Medellin-based multinational insurance and asset-management giant Grupo Sura announced February 27 that its full-year 2017 net profits fell 13% year-on-year – to COP$1.45 trillion (US$493 million) — mainly because of changes in the exchange rate between the U.S. dollar and the Colombian peso (COP). Excluding currency impacts and non-recurring items, net profit would