Argos reports record cement and concrete sales in Colombia in 2014
Cementos Argos has reported positive results for 2014. The company achieved a net profit of US$145 million, up 59% y/y and operating profits of US$339 million, an increase of 16% y/y. Sales reached US$2.9 billion as volumes of both cement and concrete improved. Approximately 12.5 million t of cement and 11 million m3 of concrete was sold in 2014. This is 8% and 18% higher than the amount sold in 2013, respectively.
Regional highlights
- US: following the successful integration of acquired assets in Florida, Argos has reported an EBITDA of almost US$68 million. Cement consumption in the markets in which Argos is active has risen by 13%, higher than the national average of 8%.
- Colombia: record cement and concrete sales were achieved in the country. Argos continues to strengthen its presence in the region, with US$585 earmarked for investment in expansion projects over the next three years.
- Caribbean and Central America: sales were up 21% on the previous year, coming in at US$543 million. The company has also noted efficiency and profitability improvements in the region. The consolidation of Argos’ assets in Honduras and French Guiana also led to gains in operational efficiency.
Commenting on the results, Jorge Mario Velásquez, CEO of Argos, said: “2014 was a pivotal year for Argos from many different perspectives: it allowed us to incorporate acquisitions of new assets in the amount of US$785 million, to successfully issue bonds for which demand was 2.5 times the offered amount, to invest more than US$230 million in the expansion of our business in different countries, to strengthen innovation within the company, and to generate historically high results. We accomplished all of this while staying focused on our conviction of being a sustainable company that is respectful towards people, the environment and the economy.”
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/26022015/cementos-argos-achieves-profit-growth-in-2014-412/
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