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Grupo Argos Cement, Highways Businesses Improving Grupo Argos Cement, Highways Businesses Improving Source: Grupo Argos

Grupo Argos 3Q 2022 Net Income Drops 13% Year-on-Year

Published in Companies Written by  November 15 2022 font size decrease font size increase font size 0
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Medellin-based multinational electric power, cement and highways/airport concessionaire Grupo Argos announced November 14 that its third quarter (3Q) 2022 net income dropped 13% year-on-year, to COP$192 billion (US$40 million).

Revenues nevertheless rose 24% year-on-year, to COP$5 trillion (US$1.04 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 10% year-on-year, to COP$1.26 billion (US$262 million).

As for nine-months 2022, consolidated net income is up 10% year-on-year, to COP$1.05 trillion (US$219 million), with EBITDA up 14%, to COP$3.8 trillion (US$782 million), according to the company.

Despite the 3Q 2022 profits decline, gross revenues continue to rise in all of the Argos subsidiaries, including a 25% hike at Cementos Argos, a 33% jump at electric power division Celsia and a 57% jump in passenger traffic at Odinsa-concession airports, according to the company.

“These results show the financial strength of the organization and the positive performance of all its businesses,” according to Argos.

“In line with the announcement made at the beginning of 2022, we reiterate that the listing of the cement operation in the United States on the New York Stock Exchange continues to be a strategic priority for the organization,” according to Argos.

“Among the most relevant milestones for this operation, the refinancing of US$750 million of debt stands out, which strengthens the [Cementos Argos] capital structure and liquidity position with variable rate conditions tied to ESG [environmental, social and governance] indicators,” the company added.

Argos also highlighted its September 2022 announcement for a new collaboration with Macquarie Asset Management, “the largest infrastructure investment fund manager in the world, for COP$1.4 trillion [US$292 million] to develop private initiatives such as the new airport at Cartagena, maximization of the use of the current El Dorado Airport [Bogota] terminal and developing improvements in the runways and taxiways with state-of-the-art technology and the expansion of capacity.”

Read 110 times Last modified on Last modified on November 15 2022

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