July 12, 2024
Business Companies

Grupo Argos Profits Hit All-Time Record in 2023

Medellin-based multinational Grupo Argos – the holding company for Cementos Argos (cement/concrete), Celsia (electric power) and Odinsa (airport/highways concessionaire) – announced February 23 a record net income for full-year 2023, at COP$789 billion (US$200 million), up 128% year-on-year.

Consolidated revenues likewise soared 83% year-on-year, to COP$22.6 trillion (US$5.7 billion), resulting in the “best financial results in 90 years of history,” according to the company.

Earnings before interest, taxes, depreciation and amortization (EBITDA) jumped 99% year-on-year, to COP$945 billion (US$239 million), the company added.

The outstanding results came from all three subsidiary companies, with Cementos Argos EBITDA up 22% year-on-year, Celsia up 4% and Odinsa reporting big surges in airport and vehicle traffic, generating more tolls-and-concession-revenues.

“In 2023 we achieved historic results that reaffirmed the fundamentals of our businesses and materialized transformational milestones, one of them being the asset combination between Summit Materials and Argos USA, an operation that consolidates this organization as the most important Colombian investor in the United States, and another, the exchange agreement of Grupo Argos’ stake in Nutresa,” explained Grupo Argos president Jorge Mario Velásquez.

“In addition to the realization of value to shareholders via dividends and share buybacks, the organization will continue to deepen its investment efforts in Colombia with projects exceeding COP$2 trillion [US$507 million] in 2024, among which initiatives for growth in non-conventional renewable energies, strengthening of cement dispatch operations, structuring of infrastructure projects, and urban development works that are transforming the Colombian Caribbean,” the company added.

“Finally, Grupo Argos’ Urban Development Business closed the year with a record in its net cash flow of COP$105 billion [US$26.6 million], 76% above the average recorded since 2016, and the signing of new contracts for COP$244 billion [US$61.8 million], for a committed cash flow in which it will receive COP$314 billion [US$79.6 million] over the next four years,” the company concluded.

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