September 26, 2023
Business Companies

Grupo Argos 2Q 2023 Profits Rise 11% Year-on-Year

Medellin-based Grupo Argos – parent company of electric-power producer Celsia, cement/concrete giant Cementos Argos and highway/airport concessionaire Odinsa (the latter an alliance with Macquarie Infrastructure and Real Assets (MIRA) – on August 10 announced an 11% year-on-year hike in second quarter (2Q) 2023 net income, hitting COP$458 billion (US$115 million).

Revenues also rose 8% year-on-year, to COP$6.4 trillion (US$1.6 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 12%, to COP$1.55 trillion (US$389 million).

So far this year (January through June), profits are up 42% year-on-year, while revenues are up 15% and EBITDA is up 19%, according to the company.

“Recently, S&P Global indicated that the execution of the transaction to transfer Grupo Argos’ investment in the food business of Grupo Nutresa in exchange for shares of Grupo Sura and Grupo Argos has not had an impact on the financial indicators of Grupo Argos, for which it maintained the highest ratings organization credits,” the company noted.

Meanwhile, during 2Q 2023, “Odinsa and Macquarie Asset Management announced the start of operations of their new airport investment platform, which will manage assets totaling COP$1.3 trillion [US$326 million] and which includes the concessions of El Dorado [Bogota airport] in Colombia and Mariscal Sucre airport in Ecuador, considered two of the best airports in South America according to Skytrax,” according to the company.

During first half (12H) 2023, Odinsa saw airport traffic grow 12% year on year, to 21 million passengers, the company added.

The Odinsa/Macquarie alliance meanwhile aims to “develop new projects and opportunities in the American continent and will continue to promote private initiatives such as the new Cartagena Airport, El Dorado Max and El Dorado Airfield” in Colombia, according to the company.

On another front, the urban development business at Grupo Argos saw EBITDA rise 14% year-on-year, hitting COP$49 billion (US$12 million), according to the company.

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