Cementos Argos has reported positive results for January – September 2013, following a solid performance in 3Q13 and positive market trends across the regions in which it operates. In the first nine months of the year, consolidated EBITDA increased by 23% y/y to reach over US$402 million. Consolidated operating profits were up 39% y/y, while consolidated revenue came in at more than US$1.972 billion, 12% higher than in the corresponding period last year. Approximately 8.5 million t of cement was sold in January – September 2013, representing 4% y/y growth. Concrete sales volumes also increased, rising by 9% y/y to 7 million m3.
In Colombia, increasing activity in the residential and commercial construction sector helped to boost volumes in 3Q13. Cement and concrete sales volumes rose by 5% y/y and 8% y/y, respectively.
The company also registered growth in its Central American and Caribbean Regional Division, with EBITDA coming in at US$83 million. In Panama, a rise in construction and infrastructure projects, in addition to Argos’ involvement in the expansion of the Panama Canal, helped to boost cement sales volumes by 9.5% in the first nine months of 2013.
During 3Q13, Cementos Argos celebrated the first anniversary of its concrete operations in the Dominican Republic, Haiti and Surinam. It also expanded its presence in Honduras with the acquisition of Lafarge’s Honduran cement subsidiary.
Signs of recovery in the US have meant that Cementos Argos’ US Regional Division has achieved a positive EBITDA for the last seven months.“This quarter marked two milestones in Argos’ history. One of them is the signing of the contract to acquire cement assets in Honduras. The other one that fills us with pride is the fact that, for the first time, we were included in the Dow Jones Sustainability Index. This recognition of the company’s leadership in the field of sustainability is aligned with our long-term vision and is a clear indicator for our investors that they can count on the solidity and projection of the company. Furthermore, the historic figures obtained during this semester stem, in great part, from better operational efficiency, growth in volumes, and dynamism and recovery in our markets. Especially the operation in the United States, which continues showing signs of recovery, is particularly satisfying,” commented Jorge Mario Velásquez, CEO of Argos.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/25102013/cementos_argos_positive_results_3q13_341/
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