Argos reports consolidated EBITDA of COP2.16bn in 2021

Argos, Grupo Argos' cement company, reported a consolidated EBITDA of COP2.16bn (US$55m) at the end of 2021, representing an increase of 34 per cent compared to 2020 and the highest in the company's history. The annual EBITDA margin stood at 22 per cent, the highest since 2005, when the cement company began its internationalisation process. Accumulated revenues as of 31 December 2021 reached COP9.8bn, a YoY increase of 9.1 per cent.

Argos shipped 17.1Mt of cement and 7.8Mm³ of ready-mix on a consolidated basis, which correspond to growth of 18.3 and 2.7 per cent compared to 2020, respectively.

The net debt to EBITDA ratio closed at 2.87 times, achieving the target of reaching a leverage ratio below three times by the end of 2021.

Regional results
USA
At year-end 2021, the region shipped 6.1Mt of cement and 5.2Mm³ of ready-mix, with YoY variations of 5.7per cent and -4.2  per cent, respectively, compared to year-end 2020. The region's annual operating EBITDA reached US$274m, with an EBITDA margin of 18.9 per cent.  

Colombia
The region achieved volumes of 5Mt of cement and 2.4Mm³ of ready-mix, representing increases of 23.1 and 18.3 per cent, respectively. Colombia's total EBITDA stood at COP524bn, up 30.8 per cent compared to 2020, and an EBITDA margin of 21.7 per cent. 

Caribbean and Central America
In this region, cement volumes reached an all-time high in 2021 with 6Mt shipped and growth of 26.6 per cent. This figure highlights the positive performance of the trading business, which reported 1.6Mt sold, 107.3 per cent higher than the previous year. Ready-mix volumes ended the year at 192,000m³, up 46.2 per cent versus 2020.

EBITDA as of 31 December 2021 was US$146m, a YoY increase of 25.3 per cent, with an EBITDA margin of 27.8 per cent.