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Colombian Grupo Argos profit rises more than 7 times in the first quarter

BOGOTÁ (Reuters) – Colombian Grupo Argos’ net income rose more than seven times in the first quarter to 191 billion pesos ($ 51.1 million), compared to the same period last year, the conglomerate reported Thursday.

The gain is compared to one of 26,000 million pesos that it threw in the first three months of 2020.

Grupo Argos’ income from ordinary activities increased 3.23% in the first quarter to 3.73 billion pesos.

In the same vein, the conglomerate’s EBITDA rose 16.2% to 952,000 million pesos, compared to the first tranche of the previous year.

The profit “basically obeys the levers of economic reactivation based on infrastructure in the United States and Colombia,” an official from Grupo Argos explained to Reuters, referring to the record construction of homes in the Andean country and the infrastructure plan of the President’s government. American Joe Biden.

Added to this was the growth in energy demand, which benefited its subsidiary Celsia.

Grupo Argos is made up of Cementos Argos, the energy producer Celsia and the highway and airport concession firm Odinsa.

(1 dollar = 3,734.09 pesos)

(Reporting by Nelson Bocanegra. Edited by Rodrigo Charme)

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