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Grupo Argos Q2 net profit jumps to $99.2 million, boosted by sales growth

08/12/2021 | 05:12pm

BOGOTA, Aug 12 (Reuters) - Colombian conglomerate Grupo Argos' net profit soared to 392 billion pesos ($99.2 million) in the second quarter, the company said on Thursday, far above the 62 billion pesos it reported in the year-earlier period.

Income during the three months ended June 30 rose 20% to 4.03 trillion pesos, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 46% to 1.3 trillion pesos, the company said in a statement.

"We celebrate the good results of a positive and encouraging second quarter that confirms the solid structure of (Grupo Argos) and its ability to contribute to economic reactivation in Colombia and the region as a relevant player in the infrastructure sector," chief executive Jorge Mario Velasquez said in the statement.

Net profit attributable to controlling interests rose to 211 billion pesos during the quarter, from 10 billion pesos in the second quarter of 2020.

Grupo Argos saw its financial performance return to pre-pandemic levels during the quarter, the company said.

The return to a healthier performance was based on sales growth, increasing demand for construction materials in Central America and the Caribbean, infrastructure investment in the United States and rising demand for energy, it added.

Grupo Argos is the parent company of cement-maker Cementos Argos and road and airport concession firm Odinsa, as well as energy business Celsia.

($1 = 3,950.43 Colombian pesos.)

(Reporting by Oliver Griffin; Editing by Dan Grebler)

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