Grupo Argos 3Q 2024 Profits Jump 34% Year-on-Year
Medellin-based Grupo Argos – the holding company of cement/concrete multinational Cementos Argos, electric power giant Celsia and highways/airports concessionaire Odinsa – on November 14 reported a 34% year-on-year jump in third quarter (3Q) 2024 net income, at COP$494 billion (US$111 million).
Revenues also rose 8% year-on-year, to COP$3.3 trillion (US$741 million) in 3Q 2024 versus COP$3.07 trillion (US$689 million) in 3Q 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) for 3Q 2024 also rose 34% year-on-year, to COP$1.1 trillion (US$247 million), “reflecting the positive performance of all the company’s businesses,” according to Argos.
Topping off these results, Grupo Argos’ market capitalization “has doubled in the last 12 months,” the company added.
Grupo Argos noted that its Cementos Argos’ operations in Latin America “continue to improve their profitability, reaching an EBITDA margin of 22% year-to-date,” while electric power generator Celsia has seen its net profits grow 8% so far this year as it “continued to advance wind and solar generation projects, strengthening its contribution to Colombia’s energy transition.”
Meanwhile, the Odinsa division announced the start of a COP$2 trillion (US$449 million) tunnel-expansion project — the second stage of Medellin’s existing “Tunel del Oriente” highway, aiming to ease the balooning traffic between the city and its international airport at Rionegro.
“Leveraged by positive operating results and the evolution of our infrastructure-focused portfolio, Grupo Argos’ common and preferred shares have registered an increase of close to 110% in the last 12 months, equivalent to an increase of COP$8 trillion [US$1.79 billion] in the company’s market capitalization,” added Grupo Argos President Jorge Mario Velásquez.
On another positive note, “Celsia reached a milestone in Colombia’s energy transition by inaugurating the first solar energy storage system with batteries in the country,” according to Argos.
“This innovation, integrated into the Celsia ‘Palmira 2’ solar farm, will increase the plant’s self-generation capacity, allowing energy generated during the day to be stored for delivery at night to a power company in the region.
“This battery storage system breaks the traditional limitation of solar energy by extending its availability beyond daylight hours, thus contributing to the diversification of the country’s energy matrix.
“Additionally, the equipment necessary for the operation of the ‘Carreto’ wind-power project arrived in Colombia in October 2024, with the aim of putting 9.6 MW [megawatts] of clean and renewable energy into operation.
“For its part, Odinsa’s airport platform has mobilized 51 million passengers in the last 12 months, an increase of 16% compared to the same period last year, of which 46 million correspond to the El Dorado International Airport [at Bogota],” the company added.
