Financial results

Grupo Argos’s EBITDA grows 21%, reaching a historical figure of COP 4.8 trillion

26 February 2020

February 26, 2020

  • At the end of 2019, revenues and consolidated EBITDA grew 18% and 21% respectively.
  • During the year, Grupo Argos carried out asset and transaction turnovers to optimize the capital structure of its businesses by about COP 11 trillion.
  • After being recognized as the most sustainable company in the world in its sector during 2019, Grupo Argos recently received the Gold Seal in the RobecoSAM and S&P Global Sustainability Yearbook, the highest distinction that ratifies it as a global leader for its economic, environmental and social performance.


In 2019 Grupo Argos achieved consolidated revenues of COP 16.8 trillion, growing 18% year to year, a result showing the strategic transformation of the energy and concessions businesses, as well as the profitability of the cement business.

This progress is reflected on the consolidated EBITDA at the end of the year of COP 4.8 trillion, growing by 21% and becoming the highest ever recorded in the company’s history. The positive performance of its businesses allowed Grupo Argos to close the year with a net profit of COP 1.3 trillion and a net profit of the controlling company of COP 690 billion.

The revenue growth of 11.4% of the cement business is highlighted by the largest contribution of volumes shipped in the United States and the better market behavior in Colombia. On its part, the energy business performed outstandingly thanks to capital turnovers for COP 4.4 trillion with the sale of Termoflores and the acquisition of distribution assets in Tolima, which allowed it to balance the EBITDA composition among generation, transmission and distribution, and reach more than 1.1 million customers. Odinsa stood out for the consolidation of a platform that transported more than 40 million passengers in airports and 37 million vehicles on highways, inside and outside Colombia.

“We are pleased to present results with two-digit growths in revenue and EBITDA that reflect a coordinated, disciplined and coherent performance as a business group. During the year, we consolidated the Grupo Argos strategy as an asset manager that leads and strengthens the capacity to generate value in a balanced way among the economic, social and environmental contexts, which today allows us to stand out as the most sustainable company worldwide in our sector. These results, and the positive dynamic we are observing in markets where we operate, allow us to look to 2020 with optimism,” said Jorge Mario Velasquez, president of Grupo Argos.

It is worth highlighting the following relevant facts:

• Celsia, in partnership with Cubico Sustainable Investments, created Caoba Inversiones, a platform worth COP 1.4 trillion, to which Plan5Caribe and other transmission and distribution assets were incorporated in Tolima. This vehicle was created to strengthen the company’s growth capacity.

• Odinsa obtained the approval to commence the feasibility stage of the project to expand Bogota’s Airport System, from the National Infrastructure Agency. If awarded, this initiative will require investments for USD 3.2 billion and allow serving the growing demand of the country’s passengers.

• Likewise, we should highlight in Odinsa the acquisition of the controlling interest in the Túnel de Oriente concession that consolidates as one with the most traffic in the country.

• Cementos Argos announced the launch of the first green cement with a new production line in Rioclaro, Antioquia plant. This product reduces the use of clinker by using thermally activated clays, thus reducing by up to 38% CO2 emissions and energy consumption by 30%. Innovations such as this reflect the company’s commitment to the environment and rank it as a leader in the construction material market.