Cementos Argos reports 16% rise in EBITDA

Colombia's Cementos Argos has reported an adjusted EBITDA of COP448bn (US$125.66m) in the final quarter of 2020, an increase of 16.3 per cent YoY compared to COP385bn in the year-ago period. Revenues in the October-December quarter reached COP2.32trn, down 1.1 per cent YoY from COP2.35 in the 4Q19.

The company also saw a two per cent YoY increase in cement volumes during the last quarter of 2020, dispatching 3.96Mt. The rise was attributed in part to greater export activity from Cartagena and trading in the Caribbean and Central America region.

In the full-year 2020, revenue fell four per cent YoY to COP9trn from COP9.38trn. However, adjusted EBITDA advanced 4.5 per cent YoY to COP1.68trn. Net profit declined 35.8 per cent YoY to COP78bn from COP122bn in 2019.

 Cement dispatches in 2020 slipped 9.1 per cent to 14.67Mt from 16.15Mt in 2019.

"Thanks to our flexibility and resilience and the commitment, creativity and contribution of our employees, in 2020 we achieved an operating result even higher than in 2019. We took relevant steps in terms of financial flexibility, we deepened organizational efficiency. We strengthened our portfolio with specialized products and services, and we continued to create social value for the different stakeholders. The experience of the last year will allow us to be more prepared to face the challenges and take advantage of the opportunities that the future presents us with," said Juan Esteban Calle, CEO.