Grupo Argos reports weak results for 2Q24

Grupo Argos, the Colombia-based conglomerate which owns Cementos Argos, has reported a 40 per cent drop in its 2Q24 income, falling to COP189bn (US$47m) from COP315bn in the 2Q23. 

In a recent presentation, Argos attributed this drop in income to a 90 per cent fall in proceeds from concessions and a nearly 25 per cent decline in income from its cement business.

The group’s revenues for the period April-June fell 17 per cent to COP3.7trn. 

The group’s EBITDA decreased by 13 per cent YoY to COP993bn, from COP1.1tr nin 2023. 

Grupo Argos SA is a Colombian conglomerate, with operations spanning cement, energy and airport operation sectors.