Cementos Argos reports 27% increase in revenues in 1Q15

Cementos Argos has reported a 27% increase in consolidated revenues for 1Q15, at COP1.7 trillion. Consolidated EBITDA increased 18% to COP307 billion, while the US Regional Division registered a 671% y/y increase in EBITDA to US$14.1 million. Cement sales volumes grew 18% to 3.2 million t in the quarter and ready-mix concrete volumes rose 7% to 2.5 million cubic metres. Net income for the quarter reached COP79 billion, a 3% increase y/y.

In Colombia, cement volumes increased 19% to 1.5 million t, compared to the overall increase in the market of 8% according to the Colombian National Administrative Department of Statistics. Revenues totalled COP658 billion, up 11% y/y, while EBITDA fell 20% y/y to COP192 billion in part due to non-recurring expenses related to the maintenance and expansion project at the company’s Rioclaro plant, and an increase in distribution and logistic costs in March 2015.

In the US, cement dispatches increased by 39% y/y, reaching 635 000 t. Taking the Florida operation out of the equation (which was consolidated from March 2014), the growth was 27%. Revenues were US$264 million in the quarter, up 31% y/y.

In the Caribbean and Central American Regional Division, cement sales volumes increased 15% to 951 000 t in 1Q15, reflecting the positive dynamics in Honduras and the consolidation of the assets in French Guiana, as well as the general growth in all markets, with the exception of Panama. Revenues amounted to US$134 million, a 0.5% decline y/y, while EBITDA increased 15% y/y to US$43 million.

At the end of the quarter, Cementos Argos’ consolidated financial debt rose to US$1.987 million. 

Adapted from press release by Katherine Guenioui

Read the article online at: https://www.worldcement.com/the-americas/28052015/cementos-argos-reports-27-percent-increase-in-revenues-in-1q15-912/