Grupo Argos maintained its growth trajectory in the second quarter of 2023, with financial results showing double-digit growth driven by a positive performance across all its operations. Year-to-date, consolidated revenues reached COP 12.1 trillion, reaching a 15% increase compared to the same period of the previous year. EBITDA reached COP 3.1 trillion, representing a 19% growth, and net profit surpassed COP 1 trillion, experiencing a 42% increase. The net profit of the holding company closed at COP 718 billion, showing an 84% increase.
“The favorable operational performance of all businesses and rigorous financial discipline allowed us to conclude the first semester with a net profit of over COP 1 trillion, a 42% growth compared to 2022. This achievement, along with maintaining a strong cash position, provides us with the necessary support to continue executing the milestones of the company’s strategy.”Jorge Mario Velásquez, President of Grupo Argos
Cementos Argos reported revenues of COP 6.7 trillion during the first semester, a 24% year-on-year growth, while EBITDA closed at COP 1.3 trillion, a 32% increase compared to the previous year. In the United States, revenues grew by 30% and EBITDA by 38%, driven by the sustained positive momentum in the commercial and infrastructure segments. Similarly, export performance from Colombia witnessed a 14% growth compared to the first semester of 2022.
Celsia recorded consolidated revenues of COP 3.1 trillion during the first semester of the year, a 23% growth compared to the same period in 2022, while EBITDA reached COP 995 billion, a 9% increase. The company expects the closure of the transaction for the sale of certain assets in Central America to materialize in the third quarter of the year. This move will enable Celsia to reduce its debt, strengthen its liquidity position, and enhance the return on invested capital.
Odinsa concluded the first semester of the year with airport traffic growing by 12% year-on-year, serving 21 million passengers. In this business, Odinsa and Macquarie Asset Management announced the commencement of their new platform, which will manage airport assets worth COP 1.3 trillion. This partnership reaffirms the global investor’s confidence in the organization’s management capabilities and in Colombia as an investment destination. The platform will facilitate the development of new projects and opportunities across the Americas and continue to drive private initiatives such as the new Cartagena Airport, El Dorado Max, and El Dorado Flight Field.
Grupo Argos’ Urban Development Business achieved cash flow revenues of COP 111 billion and an EBITDA of COP 49 billion, a 14% increase compared to the same period of the previous year.
Summary of the consolidated financial results
Summary of the separated financial results
Comprehensive Value Generation: Well-being and Development for Colombians
Grupo Argos continued to advance its sustainability strategy with the inauguration of the “Centro de Investigación y Conservación de los Bosques del Río Cauca – CIRCA” (Conservation Center for the Forests of the Cauca River) in the municipality of La Pintada, Antioquia. This research center has the capacity to produce 500,000 native species seedlings annually in the southwest of Antioquia. Its purpose is to have a positive impact on water basins and environmental protection within the organization’s area of influence.
Further in this context, noteworthy is the sustainability-linked loan of COP 272 billion granted by Banco de Bogotá to Cementos Argos. This loan allows for a gradual reduction in the interest rate, linked to the fulfillment of indicators for reducing CO2 emissions and the assessment of social, economic, and environmental practices of its suppliers in Colombia, Central America, and the United States.
The companies of Grupo Empresarial Argos reaffirm their confidence in their long-term strategy and business plan.
Read more
Grupo Argos closed 2023 with consolidated revenues of COP 22.6 trillion and a separate net income of COP 789 billion, its best financial results in 90 years of history
Read more
Over the course of 2024, the ordinary shares of Grupo Argos have appreciated by 10.5%, while the preferred shares have seen an increase of 22%. In the case of Cementos Argos, ordinary shares have increased by 5% and preferred shares by 27%. Finally, the share of Celsia has experienced an appreciation of 12%.
Read more
