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Grupo Argos Profits Soaring Grupo Argos Profits Soaring Source: Grupo Argos

Grupo Argos 3Q 2021 Net Profit Skyrockets Year-on-Year

Published in Companies Written by  November 12 2021 font size decrease font size increase font size 0
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Medellin-based Grupo Argos – parent of Cementos Argos (cement), Celsia (electric power) and Odinsa (highway/airport concessions) – announced November 11 that its corporate-wide profits for third quarter (3Q) 2021 hit COP$375 billion (US$96 million), up from COP$78 billion (US$20 million) in 3Q 2020.

Revenues hit COP$4.1 trillion (US$1.05 billion), up from COP$3.45 trillion (US$877 million) in 3Q 2020, while earnings before interest ,taxes, depreciation and amortization (EBITDA) rose to COP$1.16 trillion (US$298 million), compared to COP$857 billion (US$220 million) in 3Q 2020.

For the first nine months of 2021, net income has skyrocketed by 477% year-on-year, while revenues are up 14% year-on-year, to COP$11.9 trillion (US$3.06 billion), according to the company.

“In the construction materials business, cement sales volumes showed favorable dynamics during the quarter with an increase of 12%, consistent with the good economic performance recorded in all Cementos Argos regional offices,” the company noted.

“In infrastructure, the company began the execution of the contract to supply the concrete for one of the main works of the Bogotá Metro, which over the next 14 months will demand about 100,000 cubic meters of material.

“The airport concessions business registered in September the highest number of passengers mobilized since the [Covid-19] confinement measures began, with 2.4 million people, and also with a positive net result, this being the first quarter with a favorable balance since 2020.

“On highways, all Odinsa concessions are operating under normal conditions with a traffic of 128,000 vehicles per day on average, 70% higher than the same period in 2020 and 68% higher than the same period in 2019,” the company added.

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