Grupo Argos reported revenues of COP 15.6 trillion, growing 31% compared to the same period of the
previous year and an EBITDA of COP 3.9 trillion, which represents a growth of 14% year-on-year. On the
other hand, net income closed at COP 1.05 trillion (+10%) while the net income of the controller closed at
COP 583 billion with a growth of 17%. These results demonstrate the financial strength of the organization and the positive performance of all its businesses.
Cementos Argos, Grupo Argos’ cement company, reported accumulated revenues of COP 3.1 trillion, with an annual growth of 25%, while EBITDA reached COP 583 billion, representing an increase of 23%
compared to what was registered in the same quarter of the previous year. In line with the announcement
made at the beginning of the year, we reiterate that the listing of the cement operation in the United States on the New York Stock Exchange continues to be a strategic priority for the organization where the necessary efforts are being articulated to materialize it at the right time. Among the most relevant
milestones for this operation are the refinancing of USD 750 million of debt, strengthening its capital
structure and liquidity position with variable rate conditions linked to ESG indicators.
For its part, Celsia, Grupo Argos’ energy company, achieved revenues of COP 1.3 trillion, growing 33% year-on-year, leveraged on the greater energy generation and the positive dynamics of the market.
Consolidated EBITDA reached COP 424 billion, equivalent to an annual growth of 34%.
In turn, Odinsa, Grupo Argos’ concessions company, presented positive results reaching a daily traffic of
107,000 vehicles in its road concessions where Túnel de Oriente stands out, whose TPD increased 21%,
reaching levels that were estimated for 2032. In airports, passenger traffic reached 10.8 million travelers
growing 57% compared to the third quarter of the previous year.
The company announced in September the creation of an airport platform by Macquarie Asset
Management, the world’s largest infrastructure investment fund manager, for COP 1.4 trillion to develop
private initiatives such as the new Cartagena airport, maximize the use of the current terminal of El Dorado Airport and develop improvements in runways and taxiways with cutting-edge technology and the expansion of its capacity.
“Grupo Argos’ results show its financial strength and reaffirm the growing path of value generation as a commitment to its shareholders and all its stakeholders. These results respond to the operational strength of the organization that during the year has reported good performance of all its businesses and regions where it operates.”
Jorge Mario Velásquez – President of Grupo Argos
During the quarter, Grupo Argos received three important recognitions that ratify its comprehensive vision
and commitment to its all stakeholders:
Summary of consolidated financial results
Summary of separate financial results
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
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The Urban Development Business continues to consolidate its leadership in the development of high-quality urban projects and sustainable tourism in the northern region of the country, achieving record revenues of COP 90 billion (+49%), a net cash flow of nearly COP 26 billion (+500%), and in the case of EBITDA, a growth of 322% surpassing COP 38 billion.
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Cementos Argos delivered a positive performance across its three regions: in Colombia, it achieved a 39% growth in EBITDA, in Central America, a 2% growth, and in the United States, an impressive 77% growth. Meanwhile, Celsia continued to strengthen its solar and energy transmission and distribution platforms, reporting in a consolidated EBITDA growth of 13%. Odinsa recorded an 18% increase in passenger traffic in its airport concessions, while its road infrastructure experienced a 3% growth in traffic.
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During the last ordinary Shareholders' Assembly meeting of Grupo Argos, a dividend of COP 575 per share was approved, representing a 15% increase compared to last year and reflecting the organization's solid performance in its results.
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