Colombia's Grupo Argos more than triples profit in 2024 (updated)
31/01/2025 24:03
(Adds EBITDA and background in paragraphs 3-5)
Jan 30 (Reuters) - Colombia's Grupo Argos ARG.CN
reported a 221% increase in net profit in 2024 to 2.53 trillion
pesos ($609 million), the conglomerate announced in a statement
on Thursday.
Argos, with units in the energy, cement and airport
operations, saw revenue last year grow 148% to total 2.53
trillion pesos.
The company's earnings before interest, taxes, depreciation,
and amortization soared 241% from a year earlier to reach 3.22
trillion pesos.
Last year, Grupo Argos divested its stake in Grupo Nutresa
NCH.CN , signed a spin-off agreement with Grupo SURA SIS.CN
to simplify its organizational structure, and finalized the sale
of a 31% stake in its subsidiary Cementos Argos CCB.CN to
Summit Materials SUM.N .
The conglomerate has called for an extraordinary
shareholders' meeting on March 27 to seek approval for the
spin-off with Grupo SURA.
($1 = 4,153.59 Colombian pesos)
(Reporting by Brendan O'Boyle; Editing by Himani Sarkar)
((Brendan.OBoyle@thomsonreuters.com;))