Colombia’s Biggest Companies Reveal a Concentrated, Shifting Economy

Colombia’s largest companies had a tough year in 2024, according to official data from the Superintendencia de Sociedades. Their combined sales dropped almost 10%, falling to 1,184 trillion COP ($293 billion) from 1,313 trillion COP ($325 billion) in 2023.

Profits also shrank 9%, down to 90 trillion COP ($22.3 billion). These numbers reflect a slowdown in the country’s economy and show that even the biggest firms are not immune to tough conditions.

Ecopetrol, the state oil company, kept its spot as the country’s largest business. It made 133.3 trillion COP ($33.0 billion) in sales, but this was 6.8% less than the year before. Ecopetrol also faced legal problems and political pressure, which hurt its performance.

EPM, a public utilities company from Medellín, was the only one among the top four to grow. It made 41.4 trillion COP ($10.2 billion) in sales, up 10.4%. EPM’s investments in the Hidroituango hydroelectric project are important for Colombia’s future energy needs.

Terpel, which sells fuel, and Reficar, the main oil refinery, both saw their sales fall. Terpel made 33.9 trillion COP ($8.4 billion), while Reficar made 25.8 trillion COP ($6.4 billion), both down from last year.

Almacenes Éxito, a big retail chain, moved up to the top five with 21.8 trillion COP ($5.4 billion) in sales. D1, a discount supermarket, grew its sales by 11.5% and climbed to seventh place.

Grupo Nutresa, a food company, also rose in the rankings with 18.6 trillion COP ($4.6 billion) in sales. The ten largest companies in Colombia in 2024 were Ecopetrol, EPM, Terpel, Reficar, Almacenes Éxito, D1, Grupo Nutresa, Enel, ISA, and Claro.

Colombia’s Top Companies Reflect Regional Power Imbalance

These companies play a huge role in the country’s economy. Most of these large companies are based in two main regions. Bogotá, the capital, is home to 533 of the top 1,000 companies, or about 60%.

Antioquia, with Medellín as its main city, hosts 172 companies, or about 16%. Together, these two regions account for 78% of the biggest companies and more than 900 trillion COP ($223 billion) in sales.

Atlántico, home to Barranquilla, comes next, with its top companies making 126.3 trillion COP ($31.3 billion). This concentration means that economic power is not evenly spread across Colombia.

Most big business and jobs are still centered in a few regions. The drop in sales and profits shows that the country’s economy faces real challenges.

These facts matter because they affect jobs, investment, and growth for millions of Colombians. Knowing which companies and regions are strongest helps everyone understand where the country is headed.