Companies

Cormagdalena Cancels Navelena Contract; Magdalena River Dredging Up for Grabs

Medellin Herald April 18, 2017

Cormagdalena – the Colombian government agency overseeing a massive dredging project for the Magdalena River – announced April 17 that it has officially cancelled Navelena SAS’s contract because of failure to complete financing. The proposed COP$2.5 trillion (US$877 million) project would

Companies

Medellin Textile Giants Coltejer, Fabricato Post Net Losses for 2016

Medellin Herald April 18, 2017

Medellin-based textile giants Coltejer and Fabricato posted net losses for full-year 2016 — in contrast to the net profits posted by both companies during 2015. According to the recently released Coltejer annual report, the company’s net loss hit COP$7.7 billion (US$2.7 million) in 2016, versus a COP$7.8 billion (US$2.7 million) net profit in 2015. Financial […]

Colombian economy

Antioquia’s Exports Rise 14.7% in 2017, Colombia Up 16%: DANE

Medellin Herald April 4, 2017

The latest report from Colombia’s economic statistics agency (DANE) shows that Antioquia’s exports rose 14.7% year-on-year in the first two months of 2017 — and Antioquia likewise continues to surpass all Colombian departments in total share of exports, at 19.4%. The single biggest reason for the big boost in Antioquia exports was the rise in […]

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 concludes that “the economy of Antioquia in the fourth quarter [2016] exhibited […]

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 […]