May 19, 2024
Business Companies

Grupo Argos 3Q 2023 Net Profit Up 13% Year-on-Year

Medellin-based Grupo Argos – parent of cement/concrete giant Cementos Argos, power producer Celsia and airports/highways concessionaire Odinsa – on November 9 reported that third quarter (3Q) net income rose 13% year-on-year, to COP$367 billion (US$90.7 million).

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 1%, to COP$1.28 trillion (US$316 million), while gross revenues dipped 5% year-on-year, to COP$4.84 trillion (US$1.2 billion), according to the company.

For nine-months 2023 (January through September), net profit is up 33% so far this year, hitting COP$1.4 trillion (US$346 million), the company added.

Highlights of 3Q 2023 included the pending asset combination between Argos USA and Summit Materials, creating “one of the largest construction materials companies of American origin listed on the New York Stock Exchange, in which Cementos Argos will have a 31% stake,” the company noted.

Also during 3Q 2023, “Celsia announced the acquisition of the Caravelí wind project in Peru, with a capacity of 218 megawatts (MW) and a value of US$240 million. Entry into operation is planned for the second half of 2025,” according to the company.

As for its airport concessions business, “traffic continued to improve with 12 million passengers transported in 3Q 2023, growing 10% year over year, where the favorable dynamics of the Airport stood out in Quito [Ecuador], which grew over 22% in traffic,” according to Argos.

As for its urban development business, this unit saw nine-months 2023 cash flow rise 29% versus nine-months 2022, the company added.

As for its highway traffic concessions unit, “average daily traffic on this platform decreased slightly due to the decrease of traffic on Autopistas del Café as a result of the situation of the Puente el Alambrado [bridge], which began its normalization with the entry into operation of the new infrastructure on October 12,” according to Argos.

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