Grupo Argos’ financial results at the end of the second quarter of 2021 confirmed the progressive recovery trend that the organization had been reporting and that is supported by the boost in infrastructure as a key lever for economic reactivation. The results returned to levels prior to the pandemic, leveraged on the improvement in the dynamics of VIS and non-VIS housing sales in Colombia, in the growth in the demand for construction materials in Central America and the Caribbean, in public investment in infrastructure in the United States, in the growth of energy demand and in the progressive recovery of traffic flows in road concessions and airports.
To continue contributing to the economic reactivation and with the purpose of caring for the life and health of its more than 13,000 employees, the organization began the vaccination process internally and to date has registered about 8,000 employees with at least one dose of the vaccine, which is equivalent to 86% of the human team of the Business Group in the country.
Among the most relevant milestones during the quarter, the closing of the sale of 24 concrete plants not connected with the business logistics chain for USD 184 million in the United States, resources that were used to accelerate the deleveraging process of the organization. . During the last 12 months, the consolidated debt has decreased by COP 1.5 trillion, with a reduction in financial expenses of 20% year on year. Consistent with this effort, the strategy and management of the company’s capital structure were once again validated by Fitch Ratings, which ratified Grupo Argos’ AAA credit rating with a stable outlook given its financial flexibility and ability to access sources liquidity alternatives. This evaluation, added to the AA + with a positive outlook given by S&P in May, show the structural soundness of the organization.
“We celebrate the good results of a positive and encouraging second quarter that confirm the structural strength of Grupo Empresarial Argos and its ability to contribute to the economic reactivation in Colombia and the region as a relevant player in the infrastructure sector.”
Jorge Mario Velásquez – Chairman of Grupo Argos
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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