April 13, 2024

Grupo Argos Full-Year 2021 Profits Jump 683% Year-on-Year

Medellin-based multinational cement, electric power and airport/highways concessionaire Grupo Argos announced February 23 that its full-year 2021 net income skyrocketed to COP$1.2 trillion (US$305 million), up nearly seven-fold year-on-year.

Revenues rose 17% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA) hit COP$4.3 trillion (US$1.09 billion|), up from COP$3.35 trillion (US$852 million) in 2020.

As for fourth-quarter (4Q) 2021, profits jumped to COP$336 billion (US$85.5 million), from a COP$59 billion (US$15 million) net loss in 4Q 2020.

The Celsia electric-power division saw EBITDA rise to COP$1.4 trillion (US$356 million), “highest in history,” according to Argos.

The Odinsa highway-concessions business collected tolls from more than 43 million vehicles last year, up 42% year-on-year, while the airport concession business moved 25 million passengers – up 100% year-on-year, as the Covid-19 pandemic effects receded, the company noted.

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