Colombia’s Grupo Argos posts Q4 profit after year-ago loss

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FILE PHOTO: The logo of Grupo Argos is seen in Medellin

By Nelson Bocanegra

BOGOTA (Reuters) -Colombian industrial conglomerate Grupo Argos on Wednesday reported a 248 billion peso ($63 million) quarterly net profit, reversing a 12 billion peso net loss in the year-ago period.

Consolidated revenue for the company – made up of Cementos Argos, energy producer Celsia and road and airport concession company Odinsa – jumped 24% to 4.4 trillion pesos, while EBITDA climbed 17% to 923 billion pesos.

For the full year, net profit soared eightfold to 1.2 trillion pesos ($305 million), boosted by record sales figures in its cement and energy businesses.

The company said it is considering the distribution of a dividend of 500 pesos per share to its shareholders, up 30% from the one announced the year before, amid the strong 2021 results.

The conglomerate reported annual revenue rose 16.6% to 16.3 trillion pesos.

Annual EBITDA increased 29.2% to 4.3 trillion pesos.

Grupo Argos announced in December that it would list Cementos Argos’ U.S. assets on the New York Stock Exchange in the second half.

The conglomerate will also consolidate its investments in road and airport concessions and energy and real estate rentals into a single vehicle, with an eye to another potential NYSE listing.

(1 dollar = 3,932.40 Colombian pesos)

(Reporting by Nelson Bocanegra, Writing by Julia Symmes Cobb, Kylie Madry and Valentine Hilaire; Editing by Christian Plumb and Diane Craft)

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