Economy & Finance

Export Sectors Boost Antioquia’s Economy: Banco del la Republica

Medellin Herald March 22, 2017

Colombia’s Banco de la Republica (BR, the state bank) found in a new study that Medellin and the surrounding Antioquia department are generally out-performing the national economy, especially in certain export sectors. In its latest report comparing fourth-quarter (4Q) 2016 to 2015, BR

Companies

Medellin-Based Gold Mining Giant Mineros Sees 2016 Profits Jump 36%

Medellin Herald March 22, 2017

Medellin-based gold miner Mineros SA announced March 22 that its full-year 2016 profit rose 36% year-on-year, to COP$98.8 billion (US$33.8 million), while sales in Colombia rose 8.3%, to COP$382 billion (US$130.7 million). While most of the company’s gold mining operations are in Antioquia, the “Hemco” division in Nicaragua saw gold output rise 20.7% last year, […]

Companies

EPM Full-Year 2016 Profits Jump 85% Year-on-Year

Medellin Herald March 21, 2017

Empresas Publicas de Medellin (EPM) – now a multinational electric power and utilities giant – reported March 17 that its full-year 2016 profits rose 85% year-on-year, to COP$1.86 trillion (US$641 million). Gross revenues rose 14%, to COP$15.8 trillion (US$5.4 billion), while earnings before interest, taxes, depreciation and amortization rose 12%, to COP$4 trillion

Colombian economy

Fitch Upgrades Colombia’s Debt Risk Rating to ‘Stable’

Medellin Herald March 13, 2017

Thanks to the Colombian government’s recent tax reform law (see Medellin Herald on December 29, 2016), Wall Street bond rater Fitch has just decided to upgrade Colombia’s debt-risk outlook to “stable,” up from its former “negative” rating. Reacting to the decision, Colombia’s Treasury Minister (Ministro de Hacienda) Mauricio Cardenas said that the Fitch rating will

Companies

Medellin’s Conconcreto 2016 Profits Rise; Unveils 3D Printing of Building Material

Medellin Herald March 3, 2017

Medellin-based construction giant Conconcreto announced March 2 that its full-year 2016 consolidated earnings rose 8% year-on-year, to COP$103 billion (US$34.6 million), while consolidated revenues rose to COP$1.47 trillion (US$494 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 16.4% year-on-year, to COP$241 billion (US$80.9

Companies

Medellin Multinational Power Giant ISA Posts Best-Ever Financial Year in 2016

Medellin Herald March 1, 2017

Medellin-based electric power, road concessions and telecom giant ISA announced February 28 that it enjoyed its best-ever financial year in 2016, with net income hitting COP$2.1 trillion (US$718 million) when including the recent valuation upgrade to its Brazilian power distribution subsidiary. Operating income rose to COP$12 trillion (US$4.1 billion), while 2016 earnings

Companies

Hilton to Open 206-Room Luxury Hotel in Medellin in 2019

Medellin Herald March 1, 2017

U.S.-based global hotel magnate Hilton and local builder Constructora Colpatria jointly announced February 28 that they’ve signed a franchise deal to build and open a 25-story, 206-room “Hilton Medellin” luxury hotel on Avenida Las Palmas in second-quarter 2019. Hilton earlier opened an affiliated “Hampton Inn by Hilton Medellin” in 2016 and currently has a portfolio […]

Companies

Medellin-Based Insurance Giant Grupo Sura Sees 2016 Profits Jump 26% Year-on-Year

Medellin Herald February 28, 2017

Medellin-based insurance and finance giant Grupo Sura announced February 27 that its full-year 2016 net income grew 26.3% year-on-year, to COP$1.7 trillion (US$556.3 million). Consolidated revenues also rose by 36.2%, to COP$19 trillion (US$6.3 billion), according to the company. “These variations are driven by the strong dynamics of insurance premiums, which grew 43.8%,

Companies

Grupo Argos 2016 Net Profit Jumps 75%; Chief Wins ‘Empresario of the Year’

Medellin Herald February 28, 2017

Medellin-based industrial conglomerate Grupo Argos announced February 28 that its full-year 2016 net profit jumped 75% year-on-year, to COP$1.1 trillion (US$377 million), while company president Jorge Mario Velásquez just nabbed the prestigious “empresario of the year” award from Colombian business newspaper La Republica. Revenues in 2016 likewise grew by15% year-on-year,

Companies

Medellin-Based Multinational Supermarket Giant Grupo Exito Posts Profitable 2016

Medellin Herald February 28, 2017

Thanks to a favorable turnaround in fourth quarter (4Q) 2016, Medellin-based multinational supermarket giant Grupo Exito posted a full-year 2016 net profit of COP$43.5 billion (US$14.9 million). The improvement came despite a 2016 Colombian interest-rate basis-point hike that cost the company COP$458 billion (US$156 million), higher Colombian income taxes and net losses in