Companies

Grupo Sura 3Q 2017 Net Income Falls Year-on-Year; Completes Mexico Swap

Medellin Herald November 16, 2017

Medellin-based insurance and pension-fund giant Grupo Sura announced November 15 that its third quarter (3Q) 2017 net income fell 11.6% year-on-year, to COP$460 billion (US$152 million). For the January-through-September nine months 2017, net income fell 26.6% year-on-year, to COP$1 trillion

Companies

Mineros 3Q 2017 Profits Rise 7.46% Year-on-Year; Gran Colombia, Red Eagle Post Losses

Medellin Herald November 14, 2017

Medellin-based gold mining giant Mineros SA reported November 14 that its consolidated third quarter (3Q) 2017 operating income rose 14% year-on-year, to COP$589 billion (US$195 million), while net income rose 7.46%, to COP$91 billion (US$30 million). In its mainly alluvial mining operations in Colombia, Mineros SA’s net income rose a slight 0.7% year-on-year, to COP$93

Companies

Cementos Argos 3Q 2017 Profits Drop 42% Year-on-Year

Medellin Herald November 11, 2017

Medellin-based multinational cement and concrete manufacturer Cementos Argos reported November 10 that its third quarter (3Q) 2017 net income fell 42% year-on-year, to US$22 million, down from US$38 million in 3Q 2016. However, operating income grew 3.9% year-on-year, to COP$2.19 trillion (US$728 million), according to the company. Cement deliveries also grew 16.7%

Companies

Medellin-Based Exporters Hail 1st-Ever Colombian Avocado Shipments to U.S. Market

Medellin Herald November 8, 2017

Three Colombian industrial producers of Hass avocados – all based in the Medellin metro area — this month celebrated the first-ever exports of their products to the U.S. market. The companies – Cartama, Hasspacol and Westsole – are working with California-based Mission Produce to introduce Colombian Hass avocados to the U.S. market, following first-ever import […]

Companies

PharmaCielo Targets 2018 Start-up for Medical Marijuana Commercialization

Medellin Herald November 7, 2017

Having now won crucial Colombian government licenses for cultivation and production of medical marijuana products with “unlimited” percentages of tetrahydrocannabinol (THC) and cannabidiol (CBD), Toronto-based PharmaCielo now aims to launch production and commercial marketing in 2018. In a November 7 interview with Medellin Herald, Federico Cock-Correa, the

Companies

ISA 3Q 2017 Net Income Jumps 30.8% Year-on-Year

Medellin Herald November 2, 2017

Medellin-based electric power transmission giant and multinational infrastructure operator ISA reported November 1 that its third quarter (3Q) 2017 net income rose 30.8% year-on-year, to COP$317 billion (US$103 million). The improvement mainly came as a result of greater revenues, a decline in finance costs and favorable Brazilian tax-and-compensation provisions for

Colombian economy

Colombia Exports to Jump 16.5% in 2017; Big Improvement over 2016

Medellin Herald November 1, 2017

The Economic Commission for Latin America and the Caribbean (ECLAC) announced October 30 in a new report that Colombia’s exports are forecast to rise by 16.5% for full-year 2017, up sharply from a 12.8% decline in 2016. Meanwhile, imports to Colombia are expected to rise 5.2% this year, up from a 16.9% decline last year, […]

Companies

Fabricato Sees 3Q 2017 Net Loss Grow Year-on-Year; Cites Tax, Import Issues

Medellin Herald November 1, 2017

Medellin-based textile giant Fabricato announced October 31 that its third quarter (3Q) 2017 net loss hit COP$19 billion (US$6.2 million), down from a COP$755 million (US$248,000) net profit in 3Q 2016. Sales in 3Q 2017 also fell 23.5% year-on-year, to COP$85 billion (US$28 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell

Companies

EPM Successfully Places US$764 Million Bond Offering

Medellin Herald November 1, 2017

Medellin-based multinational utilities giant EPM announced October 31 that it successfully placed a COP$2.3 billion (US$764 million) 10-year bond offering at 8.375% interest. “This is the third international issue denominated in Colombian pesos,” according to the company. Wall Street bond rater Fitch gave the issue a “BBB+” rating while Moody’s gave it a “Baa2”

Companies

Bancolombia 3Q 2017 Net Profit Dips 1% Year-on-Year; 2.5% GDP Growth Seen in 2018

Medellin Herald October 28, 2017

Medellin-based banking giant Bancolombia – Colombia’s biggest bank and now a growing multinational – reported October 26 that its third quarter (3Q) 2017 net profit dipped 1% year-on-year, to COP$1.7 trillion (US$564 million). However, Bancolombia’s gross portfolio grew 6.5% year-on-year to COP$158 trillion (US$52 billion), of which 25% corresponds to its international