Financial results

Grupo Argos prioritizes the care of the employment of its nearly 14,000 employees and maintains revenues of 3.6 billion in the situation

14 May 2020
  •  The organization, defined by its five strategies to face contingency: (i) the care and health of its collaborators and families, (ii) the care of employment, (iii) the continuity of business, (iv) the support for society and (v) support for the institutions.
  • The company closed the first quarter, demonstrating its resilience by maintaining revenues of COP 3.6 billion, with a cash position of COP 115 billion separately and COP 1.2 billion in a consolidated manner, which provides it with financial flexibility and the liquidity necessary for this moment.
  • On the philanthropy and corporate citizenship front, Grupo Argos has contributed more than COP 16,500 million to strengthen the health system and support the most vulnerable families across the country.


“The Covid – 19 contingency has driven us to bring out the best in us, work quickly and reaffirm the values ​​that identify an Argos Group in society. In this context, we managed to prioritize the health and job preservation of all our collaborators and the income affected by COP 3.6 billion. We are well positioned, we are optimistic about the future and we trust in the capacity of the country and its companies to continue promoting well-being and development”, Jorge Mario Velásquez, President of Grupo Argos.

Grupo Argos defined as its highest priority the health and well-being of its employees and their families, as well as the preservation of the employment of nearly 14,000 people. Along these lines, it has implemented a permanent medical, social, physical and emotional support strategy for all its employees, including those who are working from home.

Additionally, and with the aim of mitigating the shocks of the situation in the most vulnerable communities, Grupo Argos contributed more than COP 13,000 million of resources to strengthen the capacity of the health system with the acquisition of beds in Intensive Care Units, respirators , elements of personal protection and tests to meet the public health needs in Colombia. In parallel, the organization has allocated more than COP 3,500 million to support the vulnerable population that depends on informal work, with food aid reaching more than 110,000 families with the help and support of other allies.

“Today more than ever we must be supportive and empathetic with those who need it most. Strengthening the mechanisms to guarantee the well-being of the communities, collaborators, suppliers and all our interest groups is essential to resolve this contingency”, said Jorge Mario Velásquez.

Grupo Argos has led a strategy that strengthens the liquidity position by ensuring the disbursement of loans for more than COP 1 billion, in addition to the organization’s reduction of costs and expenses of COP 520,000 million and the postponement of business investments by COP 870,000 million. These efforts, which will continue to deepen, will represent close to COP 2.5 billion of essential resources to have a better margin of maneuver at the present time.

The consolidated income of Grupo Argos at the end of the first quarter of the year was COP 3.6 billion, with a variation compared to the same period of the previous year of 3%. Ebitda was consolidated at COP 819,000 million, while profit reached COP 26,000 million. It is highlighted that the net contribution of the strategic businesses (Cementos Argos, Celsia, Odinsa and the urban development business) is positive both in income and in Ebitda, which confirms the benefits of the infrastructure portfolio diversification strategy and its solidity.