Codensa’s net profit up by 20%

The energy distributor Enel-Codensa's net profit increased by 20% in the first quarter of 2021, compared to the same period last year. It reached a net profit of $62 million (Co$ 230,639 billion). Its operating also increased by 3.7% to $392 million (Co$ 1.46 trillion). These results are correlated to the recent increase in the base of assets approved by the national government in 2020, informed Enel-Condensa.

Colombian’s sovereign bond spread widens by 20%

Colombia’s dollar bonds are being priced as though they were already junk as investors bet that the government will fail to raise taxes enough for the country to cling onto its investment-grade credit rating. With investors pricing in a high likelihood of a ratings downgrade, the country’s average sovereign bond spread has widened by 20 … Continue reading Colombian’s sovereign bond spread widens by 20%

Poverty rate rose to 42,6% in 2020

Due to the effects of the coronavirus pandemic, the poverty rate in Colombia rose by 6.9% in 2020, revealed the National Association of Financial Institutions (Anif). Last year, 3.6 million people became poor, increasing the poverty rate from 35.7% to 42.6% between 2019 and 2020. It means that 21 million Colombians live with less than $90 (Co$ 333,000) per month, said Anif.

New off-shore platform in the Caribbean to load 50,000 to 60,000 barrels per hour

The Central Oil Pipeline company (Ocensa), a subsidiary of Ecopetrol Group, inaugurated an offshore platform to load crude oil. It is located twelve miles from the Coveñas oil maritime terminal and will strengthen exports to North America, Europe, Africa, Asia, Central and South America. It has a loading capacity between 50,000 and 60,000 barrels per hour and weighs about 300 tons

New tax bill proposal lowers revenues to $5.3bn-4.8bn

After most political parties in Congress dismissed the Government tax bill reform, the Government has changed its proposal to reach a consensus. The Ministry of Finance announced the first revision to the original project, lowering expected revenues from $6.1 billion (Co$ 23.4 trillion) to between $5.3 (Co$20 trillion) and $4.8 (Co$18 trillion). It also informed that tax on public services will no longer be in the new bill.

Beef and cattle exports rise by 50%

International sales of Colombian meat and cattle increased twofold in the first two months of this year compared to 2021. While last year exports totalled 16.1 million, this year they rose to $33 million. Meat exports reached 8,635 tons and heads of cattle 51,216, informed Fedegan. Egypt was the biggest buyer of meat with 1,695 tons ($ 5.2 million), followed by Lebanon, 1,196 tons ($ 5.1 million); Hong Kong, 1,165 tons ($ 5.2 million) and Chile, 1,056 tons ($ 5 million).

$5 mn for cocoa fields renovation

The Ministry of Agriculture announced two cocoa plantation programs in Colombia. With $2 million (Co$ 7. 5 billion), the first one seeks to directly support the renovation of 4,000 hectares of cocoa. The second one, with $3.5 million, aims to fund credit lines for renovation. These programs will be carried out in collaboration with the national federation of cocoa growers (Fedecacao). Today, Colombia produces 63,416 tons of cocoa in 188,000 hectares, benefiting 52,000 families in 422 municipalities.