Grupo Argos 1Q 2023 Profits Soar 81% Year-on-Year
Medellin-based Grupo Argos – parent of subsidiaries Cementos Argos (cement/concrete), electric power producer Celsia and highways/airports concessionaire Odinsa – announced May 10 that its first quarter (1Q) net income jumped 81% year-on-year, to COP$570 billion (US$124 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 28%, to COP$1.6 trillion (US$349 million) and revenues rose 25%, to COP$5.7 trillion (US$1.24 billion).
Highlighting the 1Q 2023 results, Grupo Argos noted that Cementos Argos achieved 39% EBITDA growth Colombia, 2% in Central America 2% and 77% in the U.S.
“For its part, Celsia continued to consolidate its solar and power transmission and distribution platforms, which translated into a 13% growth in consolidated EBITDA,” the company noted.
“Odinsa registered a growth of passengers in its airport concessions, reaching 18%, while in roads it registered a growth in traffic of 3%,” the company added.
“During the quarter, Fitch Ratings confirmed Opain’s BB+ rating and improved its outlook to stable given the recovery in traffic that the El Dorado Airport [Bogota] has been showing.”
Meanwhile, Grupo Argos’ urban-development business “recorded extraordinary results with a cash flow that was almost 500% higher than the same period of the previous year. This business has guaranteed income of COP$400 billion [US$87 million] in the next five years,” according to the company.
“Since 2019, the urban development business not only has provided Grupo Argos with income in its separate states of close to COP$1 trillion [US$218 million], but also has positively transformed the growth of Barranquilla and Barú with the best planning standards and the development of urban infrastructure and first class hotels,” the company added.
