Constructora Conconcreto S.A.

What it is

Conconcreto has more than 60 years of experience developing infrastructure, building, and housing projects — it is, in effect, the contractor that builds Colombia’s harder things: bridges, tunnels, airports, toll roads, and hospitals, alongside middle-class housing in Medellín, Bogotá, Panama and South Florida.

It operates through four segments: Construction (infrastructure and building projects, equipment leasing, and design services), Housing (middle-class residential projects), Investments (long-term income from concessions, funds, and equity interests), and Corporate. The majority of its revenue comes from the Construction segment.

Who owns it

The shares trade on the Bolsa de Valores de Colombia (BVC) under ISIN COF02PA00039 and are included in the COLCAP, COLSC, COLEQTY and COLIR indices. The precise breakdown of controlling and minority shareholders was not disclosed in sources available at the time of writing; the company’s own ownership-structure image on its investor page was accessible only as a graphic file, not as text.

The board of directors is composed of ten members elected for two-year terms by the shareholders’ assembly using proportional representation. At least 30% of board members must be independent.

Who runs it

The chief executive is Nicolás Jaramillo, a civil engineer from the Escuela de Ingeniería de Antioquia with a specialisation in corporate finance from the same university, who has been CEO since April 2024. He previously held leadership roles at Industrias CENO S.A., Suramérica de Seguros S.A. and Pactia, with more than 15 years of experience in real estate structuring and operations, including five years as president of the Pactia private fund.

The vice-president of corporate affairs has been with Conconcreto for several years and also sits on the boards of Vía 40 Express and Pactia. No separate CFO title is named in public disclosures; the CFO function is not disclosed in available sources.

The money, in plain words

Through the first nine months of 2024, the company posted consolidated revenue of COP 765,354 million (~USD 221.8 million) and an operating profit of COP 100,964 million (US$29 mn) — an operating margin of 13.2%. That operating performance is respectable for a construction company; the problem came below the operating line.

The full-year 2024 consolidated net loss was COP 175,749 million (~USD 50.9 million), driven primarily by two items: a COP 88,547 million (US$26 mn) loss from selling its stake in the Pactia real-estate fund at a discount to repay a syndicated loan, and construction losses on government road contracts in Bogotá. Both are largely one-off: the debt is gone, and the road contracts are being renegotiated.

The headline benefit of these painful write-offs is dramatic: consolidated debt shrank from COP 768,610 million (US$223 mn) to COP 248,934 million (US$72 mn) — roughly a two-thirds reduction in what the company owes banks, in a single year. Equity closed at a solid COP 1.25 trillion (~USD 362 million), meaning the balance sheet is now far less leveraged than it was entering 2024.

The debt reduction was achieved through agreements totalling approximately COP 594,300 million (US$172 mn) with nine Colombian banks, including Bancolombia, Banco de Bogotá, BBVA, Davivienda and Santander. As a result, Conconcreto’s share in the Pactia fund fell from 36% to 5%.

The company traded a large income-generating asset for a cleaner balance sheet — a trade most analysts view as rational.

Conconcreto has not paid a dividend and does not plan to do so at present. Because the company recorded a 2024 net loss of COP 195,784 million (US$57 mn) at the separate-entity level, the March 2025 shareholders’ assembly resolved to absorb the loss through existing reserves rather than distribute any profit.

What it is doing now

CEO Nicolás Jaramillo confirmed a project backlog of COP 2.9 trillion (~USD 840 million), 32% of it in the United States; the target for 2025 is to execute roughly COP 600,000 million (US$174 mn) of that pipeline while hunting for new projects.

At the close of 2024, the Terminal de Contenedores de Cartagena (CONTECAR) awarded Conconcreto a contract worth COP 61,771 million (~USD 17.9 million) to design and build a distribution centre, offices and chemical-storage area of 17,000 m². In its housing business, which recorded sales of COP 206,000 million (~USD 59.7 million) in 2024, management acknowledged pressure from government subsidy policy and slower-than-expected interest-rate cuts, but expressed confidence in the middle-class segment for 2025.

What to watch

• IDU road contracts in Bogotá. The construction division lost COP 108,667 million (US$31 mn) on government road projects due to restricted site access, delayed land transfers and utility-company holdups; Conconcreto is in active working groups with Bogotá’s urban-development institute (IDU) to find joint solutions. Resolution — or escalation — is the single most important near-term earnings driver.
• Revenue trajectory in 2025. Q1 2025 revenue fell 34% against Q1 2024, mainly because US operations wound down following the sale of real-estate assets in Conconcreto Estados Unidos. Whether the Colombian backlog fills that gap fast enough is the key test for the year.
• US backlog execution. The company closed Q1 2025 with a construction and infrastructure backlog of COP 2.6 trillion (US$754 mn), equivalent to 2.6 years of execution at roughly COP 1 trillion (US$290 mn) per year. Turning that pipeline into revenue on schedule will determine whether the 2024 restructuring pays off.
• No dividend for the foreseeable future. With reserves absorbed by the 2024 loss and no profit distribution approved, income-seeking investors will find little near-term yield here.

This is news, not investment advice.