Financial results

Grupo Argos net income grew 32% in 2018

23 February 2019

February 23rd, 2019

Grupo Argos achieved a consolidated net income of COP 1.2 billion in 2018, which represents an increase of 32% compared to 2017, supported by the good results of our strategic businesses: Cement, Energy and Concessions.

In 2018, it maintained its focus on profitable growth, reaching an ebitda of COP 4 billion, the highest in the history of the business group, and an ebitda margin of 28%.

Grupo Argos made investments for more than COP 1 billion as a sign of confidence in its strategic businesses. In Cementos, the opportunities of the Colombian capital market were seized and the participation in 58% in common shares was increased; in Energy, the issuance of shares made by Celsia was subscribed, for an amount of COP 780 thousand millions; and in Concessions, the process of slippage of Odinsa, a company that holds 99.84% of the shareholding, was completed.

"These results place us in a privileged position and with the optimism to continue promoting the development of infrastructure in our country, a fundamental pillar of competitiveness and progress for Colombia," says Jorge Mario Velásquez, President of Grupo Argos.

At the end of 2018, assets were consolidated for COP 49 billion, which positions Grupo Argos as a relevant player in the infrastructure sector of the region.

“We are very satisfied with the results obtained by Grupo Argos and all our subsidiaries, as a result of a work that respects our environment, which is why we were recognized as the most sustainable company in the world in the construction materials sector, for the Dow Jones Sustainability Index. This allowed us to receive the Gold Class distinction in the RobecoSam Sustainability Yearbook”, says Jorge Mario Velásquez.

During the last year, important milestones occurred in all businesses. In Odinsa, it is worth noting the construction progress in the Pacific 2 concession, which has already reached 59%, 8% above the established schedule. In Celsia, investments were made for COP 618 thousand millions, which allowed to increase the participation in renewable, non-conventional energies, and reach a figure of 624 thousand customers. In Cementos Argos, the “BEST” project has materialized in greater efficiency, which has contributed to the improvement of the company's net income, reaching COP 179 billion. For its part, the Real Estate Business closed 2018 with land transactions for about COP 140 thousand millions, an unprecedented amount for this business group.