Grupo Argos 2Q 2020 Net Income Plummets 72% Year-on-Year on Covid-19 Impacts
Medellin-based cement, electric power and highway/airports concessionaire Grupo Argos on August 13 reported a second quarter (2Q) 2020 net income of COP$62 billion (US$16 million), down 72% year-on-year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) dipped 15% year-on-year, to COP$890 billion (US$236 million), while gross revenues fell 14%, to COP$3.34 trillion (US$885 million), according to the company.
Both revenues and profits were hurt by the Covid-19 crisis, according to the company, whose divisions include Cementos Argos (cement/concrete), Celsia (electric power) and Odinsa (airport/highways concessions).
“At Grupo Argos we maintain full confidence and optimism in the future of [Colombia], and we are also more committed than ever to the process of rapid and safe reactivation that can generate an effective revitalization of the economy and help us overcome this situation,” said Argos president Jorge Mario Velasquez.
Cement and urban-development sectors were hit hard by economic slowdowns resulting from Covid-19 quarantines, while the concessions business (Odinsa) suffered “mainly from the closure of the El Dorado Airport” in Bogota as well as from declines in highway toll revenues during the lockdowns, the company noted.
