Valores Simesa 2018 results February 2019
Valores Simesa Full-Year 2018 Profits Double Year-on-Year
Medellin-based commercial real estate investor Valores Simesa revealed February 14, 2019 in a filing with Colombia’s Superfinanciera agency that its full-year 2018 after-tax profits rose to COP$24 billion (US$8 million), up from COP$12 billion (US$4 million) in 2017.
Bancolombia’s investment-bank division held 68% of the stock of Valores Simesa, according to the company’s most recent annual report (issued March 2018).
A core holding of the company is Medellin’s giant “Ciudad del Rio” center, which includes shops, restaurants, offices, residential apartments, parking garages and the Modern Art Museum.
Valores Simesa is a spin-off from the former Siderugica iron foundry complex now occupied by the Modern Art Museum.
Besides real-estate holdings, Valores Simesa also invests in other companies. Part of its income has come from royalties from the Drummond coal mines in Colombia, but this arrangement is due to expire at year-end 2019, according to the company.
