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Companies 271

Written by February 07 2020 0

Medellin-based textiles and waste-plastics recycling specialist Enka Colombia revealed in a February 6 filing with Colombia’s Superfinanciera oversight agency that its full-year 2019 net profits jumped 253% year-on-year, to COP$15 billion (US$4.4 million).

“In addition to good operating results, the net result was favored by lower financial expense due to the reduction in indebtedness, the better impact due to exchange differences and a lower tax burden as a result of the [2019 Colombia tax-reform] financing law,” according to Enka.

Operating revenues came-in at COP$402 billion (US$118 million), with exports accounting for 45% of sales.

“Brazil, the United States and Canada stand out as the main destinations because of our focus on added value and growth potential,” according to Enka.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 13% year-on-year, to COP$35.8 billion (US$10.5 million), while EBITDA margin on sales improved from 7.7% in 2018 to 8.9% in 2019 – “the best result in the company's recent history,” according to Enka.

“The main factors for the good operational result were the devaluation of the peso [against the U.S. dollar], the greater collection of plastic bottles [which Enka converts into synthetic fibers] and the diversification of markets.”

Meanwhile, Enka’s board of directors will propose to its March 12 shareholders meeting that 2019 profits would be redirected to absorb losses from previous years.

Written by January 30 2020 0

Medellin-based textile giant Coltejer on January 29 revealed in a filing with Colombia’s corporate oversight agency Superfinanciera that it suffered a full-year 2019 net loss of COP$24.9 billion (US$7.2 million), a small improvement over the COP$28.9 billion (US$8.5 million) net loss in 2018.

Sales also dipped slightly, to COP$141.9 billion (US$41.7 million ) in 2019 versus COP$144 billion (US$42 million) in 2018, while total corporate-wide income dipped to COP$172 billion (US$50 million) versus COP$176 billion (US$51.7 million) in 2018.

However, operating income improved to COP$13 billion (US$3.8 million) compared to COP$6.8 billion (US$2 million ) in 2018.

Coltejer and other major textile producers in Colombia have been suffering losses mainly because of contraband textile and clothing imports, which Colombian police recently estimated at US$3 billion last year.

In a related note, Coltejer stated that its annual shareholders meeting will be held February 20, 2020, at company headquarters.

Written by January 29 2020 0

Switzerland-based global cement/concrete giant LafargeHolcim announced January 28 that it aims to invest US$10 million in a new information-technology research center next year for all the Americas at the Ruta N technology incubation center in Medellin.

According to the official press bulletin from the Medellin Mayor’s office, the new research center will employ 250 people initially and eventually expand to more than 1,000.

“This is the way forward for Medellín to become a valley of software,” boasted Mayor Daniel Quintero Calle.

Holcim already employs 864 people in Medellin at its shared services center. Company technology development here in recent years has enabled Holcim “to automate some processes and launch around 10 software robots,” according to the press bulletin.

The new “Americas Digital Center” at Ruta N will serve “the entire American continent,” according to the bulletin, replacing research centers in Brazil and Canada.

LafargeHolcim operates in 80 countries worldwide and employs more than 75,000.

Written by January 10 2020 0

Medellin-based international gold mining giant Mineros SA announced January 9 that it sold 100% of its “Operadora Minera SAS” subsidiary in Colombia to Canada-based gold miner Para Resources.

“The offer includes the sale of 100% of the shares of Operadora Minera and the mining title ‘GJJ101’ corresponding to the Nechi [Antioquia] project for a total value of US$5.5 million payable in cash in two facilities,” according to Mineros.

Besides operations in Canada and Brazil, Para already owns and operates a high-grade gold mine near Zaragoza, Antioquia, the company added.

“With this transaction, Mineros concentrates its activities in Colombia in the alluvial operation, which today represents 85% of the company’s production in this country,” said Santiago Cardona, Mineros vice president.

“In turn, with our recent exploration agreement with Royal Road Minerals in western Antioquia, we will continue to strengthen our operation in Colombia as a strategic jurisdiction for the mining group, through the acquisition of new operations and the optimization of current ones,” Cardona added.

Mineros SA has an exceptional reputation for environmentally and socially responsible mining in Colombia and has recently expanded operations to Argentina, Chile and Nicaragua.

 

Written by December 04 2019 0

Medellin-based electric power giant EPM announced December 4 that insurer Mapfre has issued its first payment – totaling US$150 million – for damages to the US$5 billion, 2.4-gigawatt “Hidroituango” hydroelectric project in Antioquia.

The payment “corresponds to the figure recommended by the [insurance] adjuster according to the expenses and investments made by EPM in the recovery of the project,” according to the company.

“This first prepayment is for material damage to civil works. The company continues in the process of quantification of the damages, the replacement of equipment and the repairs of the project as it progresses in its diagnosis, design and contracting, which is permanently informed within the adjustment process.”

The Mapfre policy covers up-to-US$2.55 billion for material damage to infrastructure and equipment, plus up-to US$628 million for lost power sales due to an expected three-year delay into operation (end-2021 instead of the originally planned end-2018).

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U.S. native Roberto Peckham, who founded Medellin Herald in 2015, has been residing in metro Medellin since 2005 and has traveled regularly and extensively throughout Colombia since 1981.

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