Financial results

Grupo Argos Ebitda grows 39% reaching COP 1.4 billion in the third quarter of the year

13 November 2019

Financial Results | NOVEMBER 13rd, 2019


• The consolidated results of the Business Group show double-digit growth in all lines.

• During this period Odinsa, the concession company of Grupo Argos, announced the acquisition of 53% of the shareholding of the Aburrá – Oriente Road Connection Concession in Antioquia.

• In the energy business, thermal assets in Zona Franca Celsia were disinvested, progress was made in the consolidation of the distribution operation in Tolima and the largest investment platform in solar projects in Colombia was established with the alliance with Cubico Sustainable Investments.

• In addition, for the third consecutive year Grupo Argos has established itself as the most sustainable company in the world in its sector, according to the Dow Jones Sustainability Index.


In the third quarter of 2019, Grupo Argos revenues showed a 44% growth compared to the same period of the previous year and reached COP 5.2 billion. This result includes the income received by Celsia after the divestment of the Free Trade Zone, which amounted to COP 1.5 billion. Even excluding this non-recurring sale, revenues show a very favorable trend with a growth of 14%, with positive contributions from all strategic businesses: cement, energy and concessions.

During this period, consolidated EBITDA reached COP 1.4 billion, growing 39% and becoming the highest recorded for a quarter in the company's history. As a result of the positive performance of the businesses, Grupo Argos closed the third quarter with a net profit for the controller of COP 301 thousan million, growing 13% compared to the same period of 2018.

“We are pleased to report to the market financial results that show positive behavior, with double-digit growth in both income, net income, and the highest ebitda recorded in a quarter in the history of Grupo Argos, reaching COP 1, 4 billion. These are the product of a disciplined strategy, where the coherence and work of a talented team is leading us to achieve transformational results that result in the progress of the regions where we opérate”, said Jorge Mario Velásquez, president of Grupo Argos.


It is important to highlight the following relevant facts during the quarter:

• Celsia won the award of 766 GWh / year in the renewable auction of the National Government, which makes it the only generator of 100% Colombian origin awarded in the auction.

• Odinsa announced the acquisition of 53% of the stake in the Connection Road Aburrá – Oriente concession, with an investment of COP 335 thousand million. In addition, progress is made by 77% in the construction of the Pacific concession 2, 9% above the schedule.

• Cementos Argos increased its shipments to 4G works by 36%, leading the awards in the infrastructure sector in Colombia. In addition, it achieved a 10% increase in cement volumes in the United States, which boosted a 13% growth in its consolidated revenues.