Argos registers 25% rise in third quarter EBITDA
Colombia’s Cementos Argos' third quarter operating revenues reached COP3.2bn as the cement company sold 8.2Mt of cement and 6.4Mm3 of concrete in Colombia, the Caribbean and the USA. The figures represent an expansion in sales of seven per cent for cement and eight per cent for concrete.
The company’s EBITDA amounted to COP605,000m, an increase of 25 per cent YoY while its operating profit totalled COP328,000m due to the momentum gained by its US and Caribbean operations. Net profit stood at COP421,000m.
Company president Jorge Mario Velasquez said the good results achieved in the third quarter "are supported by a high demand for our products, as well as increased operational efficiency achieved in most of the operations outside the country."
The report submitted to the Financial Superintendence of Colombia also highlights the company’s business in the US, where construction in the housing market is recovering as a reduction in housing stock has been noted and growth is expected in the future.