Colombia: Cementos Argos reported first-half sales of US$6.71bn for 2023, up by 25% year-on-year, El Colombiano newspaper has reported. Wet weather in the US and a slowing residential construction market in Colombia contributed to a 6.5% drop in concrete sales to 3.5Mm3. The company’s earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 45% to US$1.3bn, while its net profit rose by 56% to US$179m.
President Juan Esteban Calle said "In the first half of 2023 we achieved relevant milestones that demonstrate our commitment to generating value for our shareholders and other stakeholders. The progress in the execution of our share price recovery initiative, the growth in revenues and the expansion in the profitability margins of the businesses in our main markets motivate us to continue working every day to generate value for all our stakeholders."
