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Argos Cartagena, Colombia Plant Argos Cartagena, Colombia Plant Source: Cementos Argos

Cementos Argos 3Q 2022 Net Income Drops 35% Year-on-Year

Published in Companies Written by  November 09 2022 font size decrease font size increase font size 0
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Medellin-based multinational cement/concrete giant Cementos Argos announced November 9 that its third quarter (3Q) net income dropped 35% year-on-year, to COP$79 billion (US$16 million).

On the other hand, sales rose 25% year-on-year, to COP$3.1 trillion (US$632 million), while 3Q earnings before interest, taxes, depreciation and amortization (EBITDA) rose 23%, to COP$583 billion (US$119 million), according to the company.

As for nine-months 2022 results, Argos brags that it has achieved “the highest levels of sales and EBITDA in its history, at COP$8.5 trillion [US$1.7 billion] and COP$1.5 trillion [US$306 million], respectively,” according to the company.

In its U.S. operations, 3Q 2022 income grew 23% year-on-year, while EBITDA rose 26% year-on-year, according to Agros.

As for total shipments, “from January to September [2022] , Cementos Argos delivered 12.3 million tons of cement, 2.3% less, and 5.8 million cubic meters of concrete, 8.7% more,” according to the company.

In its Colombia operations, Argos 3Q 2022 revenues rose 10.6% year-on-year, to COP$705 billion (US$144 million), “primarily leveraged on an efficient-trade strategy that seeks to offset inflation,” according to the company

Colombia operations EBITDA rose 14% year-on-year, to COP$157 billion (US$32 million), while EBITDA margin rose 75 basis points, hitting 22.3%.

Concrete exports from Cartagena grew 37%, totaling 319,000 tons, “the highest quarterly figure in the company’s history,” according to Argos.

Meanwhile, Colombian nationwide shipments of cement “remained stable, as the concrete business continues its sustained recovery, supported by construction projects, infrastructure projects and formal housing,” according to Argos.

In its Caribbean and Central America operations, 3Q 2022 revenues rose 8.3% year-on-year, to US$136 million, while EBITDA was stable at US$31 million, according to the company.

On the other hand, Caribbean/Central American cement shipments dipped 12.7% year-on-year, to 1 million tons, “affected, in part, by the serious social situation in Haiti, winter weather and government transition in Honduras, and scheduled maintenance in Dominican Republic. In contrast, shipments of concrete were 77,000 meters cubic and increased 59.2%,” according to the company.

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