Grupo Argos, parent group of Colombian cement giant Cementos Argos, has announced a 75 per cent YoY increase in its net profit for the third quarter of 2024, reaching COP332bn (US$74.1m), compared to COP190bn in the same period of 2023. This marks a significant recovery from the previous quarter’s COP189bn net profit, underpinned by stronger cement demand.
Total group revenues grew by eight per cent YoY to COP3.31trn (US$739.1m) in the 3Q24, with cement operations led by Cementos Argos contributing notably to this growth. The group’s EBITDA surged 34 per cent to COP1.13trn (US$253.6m), boosted by improved cement sales and cost efficiencies.
In the 9M24 net income reached COP4.31trn (US$962.6m), up 375 per cent YoY, while total revenues rose two per cent to COP11.5trn (US$2.58bn). Cementos Argos, a key subsidiary, reported robust results, driving EBITDA growth of 39 per cent to COP4.49trn (US$1bn) over the same period.
Grupo Argos’ cement segment continues to benefit from strong infrastructure demand in key Latin American markets, despite broader macroeconomic challenges. The conglomerate’s portfolio also includes energy company Celsia and Odinsa, which manages road and airport concessions, but Cementos Argos remains a key growth driver for the group’s improved financial performance.
