Companies

Grupo Sura First-Half 2017 Net Profits Dip 34.6% on Peso Devaluation

Medellin Herald August 15, 2017

Medellin-based multinational insurance, pensions and investment giant Grupo Sura announced August 15 that its first-half (1H) 2017 net income dipped 34.6% year-on-year mainly because of Colombian peso devaluation against the U.S. dollar. However, revenues rose 22.4% year-on-year to COP$9.9

Companies

Cementos Argos First-Half 2017 EBITDA Drops 26% Year-on-Year, but 2Q Rebounds

Medellin Herald August 14, 2017

Medellin-based multinational cement giant Cementos Argos reported August 11 that its first-half (1H) 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) fell 26% year-on-year, to COP$641 billion (US$216 million). Revenues dipped 4% year-on-year, to COP$4.2 trillion (US$1.4 billion), but second-quarter (2Q) net income rebounded over the first

Companies

Bancolombia 2Q 2017 Profits Rise 7% over 1Q 2017

Medellin Herald August 10, 2017

Medellin-based banking giant Bancolombia announced August 9 that its second-quarter (2Q) 2017 profits rose 7% over first-quarter 2017, to COP$654 billion (US$223 million). Meanwhile, Bancolombia’s 2Q 2017 gross portfolio grew 8.5% year-on-year, to US$52 billion, with 27% of the total corresponding to its international businesses represented in Banistmo (Panama), Banco

Companies

Fabricato 1H 2017 Sales, EBITDA Decline Year-on-Year; Net Income Rises

Medellin Herald August 10, 2017

Medellin-based textiles giant Fabricato announced August 10 that its first-half (1H) 2017 sales fell 5.6% year-on-year, to COP$90.8 billion (US$30 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) margin fell by more than half, to 2.7%. On the up-side, Fabricato recorded a COP$45 billion (US$15 million) gain on the transfer of its 70%

Companies

USAID Helping Illegal Miners to Legalize; Many Still Balk; Some Promote Violence

Medellin Herald August 9, 2017

The U.S. Agency for International Development (USAID) announced August 8 that its “Oro Legal” program has already helped 205 miners and 176 informal/illegal gold-mining families in Antioquia convert to safer, legal mining – with many more miners targeted for help by 2020. Working with the departmental government of Antioquia, “Oro Legal” projects (and the “Bioredd” […]

Companies

Violence Slams Legitimate Canadian Gold Miners in Antioquia

Medellin Herald August 1, 2017

Toronto, Canada-based Continental Gold announced July 29 that six of its security contractors died following a suspicious explosion July 28 at an illegal mine nearby its Buritica, Antioquia gold mine. Just three days later, fellow Toronto-based miner Gran Colombia Gold announced August 1 that it is trying to deal with a massive outbreak of violence […]

Companies

Nutresa First-Half 2017 Net Profit Rises 1.9% Year-on-Year

Medellin Herald July 29, 2017

Medellin-based multinational packaged-foods giant Grupo Nutresa announced July 28 that its first-half 2017 net profit rose 1.9% year-on-year, to COP$236 billion (US$78.7 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped by 1.3% year-on-year, to COP$527 billion (US$176 million), according to the company. Sales inside Colombia grew 3.9%

Companies

EPM First-Half 2017 Net Profits Jump 78% Year-on-Year

Medellin Herald July 26, 2017

Medellin-based multinational utilities giant Grupo EPM announced July 25 that its first-half 2017 earnings before interest, taxes, depreciation and amortization (EBITDA) rose 33% year-on-year, to COP$2.6 trillion (US$862 million), while net profits rose 78% year-on-year, to COP$1 trillion (US$331 million). The city of Medellin – EPM’s sole shareholder – so far this year

Colombian economy

Colombia Making ‘Remarkably Smooth Adjustment’ to Economic Shocks: IMF

Medellin Herald June 15, 2017

The International Monetary Fund (IMF) announced in a report issued May 31 that Colombia’s economy is starting to rebound – and it’s performing much better than its neighbors following the oil-price collapse nearly three years ago. As a result, real gross domestic product (GDP) growth would rebound to 2.3% this year, up from 2.0% last […]

Companies

Wall Street Rewards Nutresa with ‘AAA(col)’ Bond Rating

Medellin Herald May 25, 2017

Medellin-based multinational foods giant Grupo Nutresa announced May 19 that it won an “AAA(col)” rating from Wall Street bond rater Fitch thanks to its “strong competitive position in its relevant markets” as well as moderate leverage, geographic diversification and “robust” cash flow “across the business cycle.” “The company’s competitive position and its brand