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Argos releases 1H19 results

Published by , Editorial Assistant
World Cement,

During the first six months of the year, and on a consolidated basis, Cementos Argos reported financial results that reflect advances in its commitment to continue consolidating its presence in the US and to achieve higher levels of competitiveness in all its geographies for the benefit of the development of infrastructure and housing in the territories where it operates.

The company earned US$1.419 million in revenue, growing 10.6% compared to the same period last year, and reported a net profit of US$22 million, 33.5% higher. Likewise, and in comparable terms, EBITDA registered an increase of 4%, reaching US$262.4 million.

Cement shipments were close to 8 million t, 1.2% higher than in 1H18, and concrete dispatches were 5 million m3, with a decrease of 2.5% due to the impact of heavy rains in some regions of the US.

In addition, as part of the divestment plan for non-strategic assets, in order to focus on the cement, concrete, and aggregates business, during 2Q19 Argos completed the sale of its stake in OMYA Andina and Cartón de Colombia, raising around US$27 million.

“In 1H19, we continued to strengthen our operation and our presence in the US with the execution of the BEST 2.0 efficiency plan, which, added to the best price dynamics that we began to see in Colombia, allowed us to compensate the pressure we experienced in Energy costs,” said Juan Esteban Calle, CEO of Argos. “The significant progress of our divestment plan in non-strategic assets allows us to continue focusing on improving the competitiveness of the company and innovating in products, services, and solutions to support the growth of our customers.

“Our priority is to gain financial flexibility and reduce, by June 2020, the net debt to EBITDA ratio to a level of 3.2 times. The shareholders can count on our total commitment to continue working to improve the operational performance of the businesses, consolidate the execution of Best in the US, accelerate the divestment strategy, and optimise the working capital cycle and the capex.”

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US cement news Cement news 2018