Grupo Argos Full-Year 2024 Net Profit Soars 424% Year-on-Year
Medellin-based multinational cement, electric power and highways/airports concessionaire Grupo Argos announced February 26 a 424% year-on-year surge in full year 2024 net profit — hitting COP$7.6 trillion (US$1.8 billion), from COP$1.4 trillion (US$341 million) in 2023.
Earnings before interest, taxes, depreciation and amortization (EBITDA) likewise rose 28% year-on-year, to COP$5.1 trillion (US$1.2 billion), while revenues were essentially flat year-on-year, at COP$15 trillion (US$3.65 billion).
“On February 10, 2025, Cementos Argos confirmed the sale of the 31% stake it held in Summit Materials for US$2.87 billion, materializing a transformational milestone in the company’s history and opening new avenues for growth in the United States and other markets,” the company added.
Meanwhile, “the transaction to end the cross-shareholdings between Grupo Argos and Grupo Sura is moving forward and will be submitted for approval by the Grupo Argos shareholders’ meeting on March 27 [2025],” the company explained.
As for the “Cementos Argos” cement/concrete división, this unit shipped 5.3 million tons of cement in Colombia during 2024, “consolidating its leadership with participation in 80% of the major infrastructure projects in the country,” according to Grupo Argos.
“In Central America and the Caribbean, [cement/concrete] margins continued to strengthen thanks to the optimization of local plants and the focus on profitability. Revenues in this region reached US$515 million, with an EBITDA of US$127 million.”
As for its “Celsia” electric power división, this unit saw revenues rise 8% year-on-year, while net profits rose 15% year-on-year, the company noted.
As for the “Odinsa Aeropuertos” unit, this division “mobilized 52 million passengers in 2024, of which nearly 47 million correspond to El Dorado Airport [in Bogota], which has established itself as the main connection hub in Latin America with the greatest mobilization of people — surpassing airports such as Mexico City and Sao Paulo,” according to the company.
As for its highways concessionaire “Odinsa Vías,” this unit “recorded an average daily traffic of 108,000 vehicles in 2024, with three of its [highway] assets showing growth above gross domestic product growth.”
As for the Grupo Argos “Urban Development Business” (NDU), this unit “recorded the sale of 14 properties and continued to optimize costs and strengthen its position in the real estate market of the Barranquilla metro area,” the company added.
