Argos reports 11% rise in revenues in 2019

Argos reports 11% rise in revenues in 2019
23 March 2020

On a consolidated basis, Colombia-based cement producer Argos reported an 11.4 per cent increase in revenues and a 14.3 per cent increase in EBITDA during 2019.

The year ended satisfactorily with advances of 11.4 per cent in revenues and 14.3 per cent in EBITDA. Operations in the USA saw significant volume growth and prices in Colombia and the Caribbean recovered. The Central America region maintains conjunctural difficulties in Honduras and Panama, which was offset to some extent by the growth of exports and the performance of operations in the Dominican Republic and Haiti.

During the year, the company shipped 16Mt of cement and 10Mm3 of concrete on a consolidated basis, with variations of 0.7 per cent and -1.3 per cent, respectively compared to the end of 2018.

Furthermore, operating profit exceeded COP838,000m (US$203.5m), equal to an increase of 1.7 per cent, and net profit approached COP122,000bn, impacted by a higher provision of taxes of US$9m in United States, associated to the successful execution of the asset divestment plan. 

In 2019 Argos completed the assembly of the clay thermal activation line at its Rioclaro plant for the production of Green Cement, which lowers the use of traditional clinker and achieves a 38 per cent reduction in CO2 emissions and a 30 per cent decrease in energy consumption. Argos achieved a 45 per cent increase in revenues from sales of products with sustainability characteristics, reaching around US$27m.

Hand in hand with its clients, the company has recycled more than 5m bags under the Green Sacks programme. As a result Argos has contributed to preserving more than 7200 trees and saving more than 58,200m3 of water, equal to 23 Olympic swimming pools.

The Argos Shareholders' Meeting approved the profit allocation project for the 2019 term. In this sense, an annual dividend of COP251.20/ordinary and preferred share was determined.

During the assembly the appointment of Rafael Olivella was approved as a new member of the Board of Directors of the company, replacing Camilo Abello. Mr Olivella currently works as Vice President of Talent and Corporate Affairs at Grupo Argos, the business group.

Published under Cement News