July 12, 2024

Grupo Argos Full-Year 2022 Net Income Rises 19% Year-on-Year

Medellin-based Grupo Argos – parent of Cementos Argos, power producer Celsia and highways/airport concessionaire Odinsa – announced February 28 that its full-year 2022 net income rose 19% year-on-year, to COP$1.4 trillion (US$289 million).

Revenues rose 31% year-on-year, to COP$21.3 trillion (US$4.4 billion), while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 21%, to COP$5.2 trillion (US$1.07 billion).

“The outstanding figures were accompanied by a de-leveraging policy that during the last three years implied a decrease in net debt of more than COP$3 trillion [US$619.6 million],” according to Argos.

On a related front, “Grupo Argos, Cementos Argos and Celsia will submit to their shareholders’ meetings the authorization to carry out a share repurchase program for an aggregate amount that could exceed COP$1.0 trillion [US$206.6 million],” the company added.

“Cementos Argos reported the highest operating EBITDA in its history, reaching COP$2.1 trillion [US$434 million] and closed with a net debt/EBITDA ratio of 2.8 times, the lowest in the last nine years.

“Cementos Argos achieved a record export of 1.2 million tons, representing a 28% increase over 2021. Ready-mix volumes in Colombia increased 14%, driven by year-over-year growth in construction licenses in the country close to 30%.

“Celsia achieved historic results with revenues that reached COP$5.6 trillion [US$1.15 billion] and an EBITDA close to COP$1.8 trillion [US$372 million], growing 30% compared to the previous year. With its capabilities in solar generation, Celsia continues to consolidate itself as a key player in Colombia’s energy transition

“Odinsa [highways/airports] closed 2022 with a full recovery of road and airport traffic, which grew 15% and 63%, respectively,” the company added. “Traffic from highway concessions ended the year at more than 39 million vehicles.”

“We celebrate the results of the year 2022 that constitute the highest in the history of the Argos business group and ratify the fundamentals of the organization and the commitment to generate value with our shareholders,” said Grupo Argos President Jorge Mario Velásquez.

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