BOGOTÁ (Reuters) – The net profit of the Colombian Cementos Argos more than quadrupled in the first quarter to 76,367 million pesos (16 million dollars), compared to the same period last year, due to a rebound in sales and lower financial expenses, the company reported Monday.
The net profit of Argos, the largest cement company in the country, was compared to 18,313 million pesos between January and March of the previous year.
The operating income of the company grew 6.3% in the quarter to 2.32 trillion pesos (652 million dollars), compared to the same section of 2020, he specified in a communication to the Financial Superintendency.
Meanwhile, EBITDA shot up 30% in the first three months to 445,212 million pesos (125 million dollars).
“Thanks to better dynamics in all markets where it operates and to a smaller comparison base in Colombia and the Caribbean and Central America, cement volumes reached 4.1 million tons, which represents an increase of 19%,” explained the company, a subsidiary of the industrial conglomerate Grupo Argos.
In contrast, concrete volumes decreased, mainly due to a slower recovery in Colombia and the Caribbean and Central America region, as well as weather conditions in the United States, the company said in the statement.
(Report by Nelson Bocanegra. Edited by Luis Jaime Acosra)