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Grupo Argos 2018 results February 2019

Published in Companies Written by  July 11 2019 font size decrease font size increase font size 0
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Grupo Argos Full-Year 2018 Profits Jump 32% Year-on-Year

Medellin-based cement, electric power and airport/highway concessionaire Grupo Argos announced February 23, 2019 that its full-year 2018 net income jumped 32% year-on-year, to COP$1.2 trillion (US$386 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) hit a record COP$4 trillion (US$1.28 billion), while EBITDA margin came-in at 28%, according to the company.

In its Argos cement/concrete division, “the opportunities of the Colombian capital market were exploited and the [public stock-buying] participation was increased to 58% in ordinary shares,” according to the company.

As for its Celsia electric-power division, “the issuance of shares by Celsia was subscribed for an amount of COP$780 billion [US$251 million],” while in the Celsia airport/highways concession business, “the process of delisting of Odinsa was completed,” as Grupo Argos now holds 99.84% of all shares.

“These [2018] results place us in a privileged position and with optimism to continue promoting the development of infrastructure in our country, a fundamental pillar of competitiveness and progress for Colombia,” added Grupo Argos president Jorge Mario Velásquez.

At year-end 2018, Grupo Argos assets rose to COP$49 trillion (US$15.7 billion), the company added.

As for fourth quarter (4Q) results, Grupo Argos saw net income soar 248% year-on-year, to COP$330 billion (US$106 million), while 4Q 2018 EBITDA rose 14% year-on-year, according to the company.

During 2018, the Odinsa division boasted that the “Pacifico 2” fourth-generation (4G) highway construction project in Antioquia reached 59% completion, or eight percentage points ahead of schedule.

In the Celsia power division, Argos invested COP$618 billion (US$199 million) mainly in renewable, non-conventional energies.

At Cementos Argos, a novel efficiency scheme boosted that division’s net profit to COP$179 billion (US$57 million), while its holdings in the “Pactica” real-estate development partnership closed 2018 with property transactions of nearly COP$140 billion (US$45 million), “an unprecedented figure for this business group,” according to Argos.

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