November 13, 2019 / 10:29 PM / a month ago

Colombia's Grupo Argos says Q3 profit up 13%, quarterly EBITDA highest-ever

BOGOTA, Nov 13 (Reuters) - Colombian industrial conglomerate Grupo Argos said on Wednesday its net profit increased 13% in the third quarter compared with the same period a year earlier and that it had recorded its highest-ever quarterly EBITDA.

The company, whose subsidiaries include cement-maker Cementos Argos and energy company Celsia, said in a filing to the country’s financial regulator that the results, including net profit of 301 billion pesos ($89 million), were due to “a disciplined strategy”.

“We are pleased to communicate to the market financial results that evidence positive behavior, with double digit growth not only in income but in net profit, and the highest quarterly EBITDA registered in history of Grupo Argos,” chief executive Jorge Mario Velasquez said in a statement.

The company reported net profit of 452 million pesos when it announced its 2018 third quarter results last November. It did not provide a comparative figure in Wednesday’s filing.

The 2019 third quarter results included 1.5 trillion pesos in income from Celsia’s September sale of a gas plant, the statement added.

Earnings before interest, taxes, depreciation and amortization (EBITDA) were 1.4 trillion pesos for the July to Septe, up 39% compared with the third quarter of 2018, the filing said.

Revenue was 5.2 trillion pesos during the quarter, the company said, up 44% year-on-year.

Cementos Argos said late on Tuesday its net profit was down 64.7% to 35.3 billion pesos in the third quarter, compared with the same period in 2018, because of an increase in costs and lower sales of cement and concrete.

$1 = 3,384.21 Colombian pesos Reporting by Julia Symmes Cobb; editing by Jane Wardell

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