In 2013, Cementos Argos marked various transformational milestones, strengthening its long-term strategy through expansion and consolidation of its markets, as well as the profitability and sustainability of its operations.
At the closing of the year, Argos registered a historical EBITDA of $478 million through positive contributions from all its regional divisions, which marks an increase of 24 percent compared to the previous year. Consolidated revenue improved by 13 percent and net income, after excluding non-recurring income, registered a growth of 67 percent.
Total cement sales volumes were 11.4 million tons, 5 percent higher than 2012 levels. In Colombia, increased construction activity improved the company’s revenue by about 12 percent, in which 5.2 million tons of cement and 3.4 million m3 of ready-mix concrete were commercialized. In the United States, dispatched cement volumes totaled 1.8 million tons, an increase of 12 percent from 2012.
Additionally, the Caribbean and Central American markets also showed encouraging economic growth rates and positive trends in the construction sector, highlighting the economic growth in Panama, driven by various infrastructure projects, such as the expansion of the metro in Panama City, the Canal and Tocumen airport. Furthermore, the Honduran economy ended 2013 with an economic growth of about 3 percent and even better expectations for 2014, based on important public-private partnerships that have been announced to the market, set up for infrastructure projects. At the closing of 2013, the positive results of this regional division contributed to its increase of 12 percent in terms of revenue, reaching a total of $448 million, generated from the commercialization of more than 3 million tons of cement and 540,000 m3 of ready-mix concrete.
“2013 was a year that completely transformed this company. The successful issuance of preferred shares significantly helped us implement our expansion strategy, which materialized with the recent acquisitions in Honduras and Florida. The historical EBITDA obtained in 2013, close to $490 million, complements the list of other goals that were achieved, for example, in the field of sustainability, recognized through the inclusion of the company in the Dow Jones Sustainability Index,” said Jorge Mario Velásquez, CEO of Argos.
