Grupo Argos Reports 13% Jump in Net Profit for Third Quarter

Grupo Argos announced that its net profit in the third quarter of 2019 increased 13% compared with the prior-year period. The Colombian conglomerate, whose subsidiaries include Cementos Argos and energy company Celsia, also noted that it recorded its highest-ever quarterly EBITDA. 

“We are pleased to communicate to the market financial results that evidence positive behavior, with double-digit growth not only in income but in net profit, and the highest quarterly EBITDA registered in history of Grupo Argos,” said chief executive Jorge Mario Velasquez in a statement. 

Grupo Argos reported a net profit of 301 billion pesos ($89 million) in the third quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) were 1.4 trillion pesos ($406.6 million) in the quarter, up 39% compared with the third quarter of 2018. Revenue was 5.2 trillion pesos ($1.5 billion) during the quarter, up 44% year-on-year.

Cementos Argos recently reported its net profit was down 64.7% to 35.3 billion pesos ($10.2 million) in the third quarter, compared with the prior-year period, due to an increase in costs and lower sales of cement and concrete.

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