Argos sees high 1Q21 cement volumes in Colombia and Central America
In the 1Q21 Argos recorded consolidated income of US$651.6m and EBITDA was US$125.1m. This was thanks to better dynamics in all markets and a lower comparison base in Colombia, and the Caribbean and Central America.
Cement volumes reached 4.1Mt, thus representing an increase of 19 per cent compared to the 1Q20. Cconcrete shipments totalled 2Mm3, with a decrease of 4.4 per cent, mainly caused by weather conditions in the USA and a slower recovery of formal construction in Colombia and in Caribbean and Central America countries, said Argos.
USA
First-quarter revenues remained stable at US$349m in the USA, while higher efficiencies drove EBITDA to US$50m. Cement volumes totalled 1.4Mt, an increase of 3.1 per cent compared to the same term in 2020. US concrete volumes decreased 6.9 per cent. They were impacted especially by a massive winter storm in Texas and an increase of rainy conditions in the Carolinas.
Colombia
Better volumes and stable prices allowed for an increase of income to US$169.6m in the domestic market. EBITDA stood at US$40.7m, while cement shipments reached 1.2 Mt, an increase of 19.4 per cent compared to 1Q20. Concrete volumes were 572,000m3, up 3.3 per cent when compared with the same quarter of last year but still lower compared to 2019.
Caribbean and Central America
An income increase was reported due to higher cement volumes, as well as a US$41m EBITDA, higher than the same period of 2020. The dynamics of self-construction and signs of recovery in Panama drove cement shipments up by 21.4 per cent to 1.4Mt. Meanwhile, concrete shipments decreased 13.7 per cent YoY as a result of lower recovery rate in the industrial segment.
