Argos records sales of COP8.5trn during the 3Q22

Argos (Grupo Argos) has reported the highest levels of sales and EBITDA in its history, with figures of COP8.5trn (US$302.6m) and COP1.5trn, and increases of 20.7 and 4.3  per cent, respectively. During the third quarter the EBITDA increased 27 per cent and we had an increase of 20 basis points in the EBITDA margin during the period. 

Regarding volumes, from January to September, Argos delivered 12.3Mt of cement, 2.3  per cent less and 5.8Mm³ of concrete, 8.7 per cent higher. During this third quarter, the company also achieved the lowest leverage level of the last none years at 2.8x.

Regional performance
During the third quarter, revenues were US$414m, which represents an increase of 22.9 per cent compared to the same term in 2021. For its part, EBITDA reached US$77m and increased 26 per cent.

Regarding volumes, from July to September, we sold 1.6Mt of cement, which represents an increase of 6.2 per cent and 1.1Mm³ of concrete, 3.6 per cent more than in the same months of last year. The foregoing, in large part, thanks to the solid demand in the states where Argos is present. 

In Colombia revenues during the quarter reached COP705bn, up 10.6 per cent, mainly leveraged in an efficient commercial strategy that seeks to offset inflation. For its part, EBITDA reached COP157bn, 14.5 per cent higher than the same period of the previous year. Likewise, the EBITDA margin was 22.3 per cent and registered an expansion of 75 basis points. In addition, exports from Cartagena grew 37 per cent and reached 319,000t, the highest quarterly figure in Argos' history.

During these three months, cement shipments remained stable, while the concrete business has continued its sustained recovery, supported by infrastructure and formal housing projects. The latter were 712,000m³ and increased by 7.8 per cent. 

Caribbean and Central America: 
During this quarter, the Caribbean and Central America recorded revenue of US$136m and grew 8.3 per cent. For its part, the EBITDA was US$31m and remained stable compared to the same months of 2021.

On the other hand, cement shipments were around 1Mt and decreased 12.7  per cent, affected, in part, by the serious social situation that Haiti is going through, the winter and the government transition in Honduras and scheduled maintenance in the Dominican Republic. In contrast, concrete shipments were 77,000m³ and increased 59.2 per cent.