Displaying items by tag: Colombia
Cementos Argos’ profit drops marginally
17 May 2024Colombia: Cementos Argos reported revenues of US$1.3bn in the first quarter of 2024, 6.4% year-on-year lower than the same period of 2023. The company recorded adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of US$291m, 2% above the value in the same period of the previous year. It reported decreases of 13% and 6% in cement and concrete volumes respectively, which it attributed to there being five fewer business days in the 2024 period due to the timing of Easter holidays.
Switzerland: Holcim has appointed Marco Maccarelli as its Director of Central and Eastern Europe. He will succeed Simon Kronenberg in the post in June 2024, according to the 24 Heures newspaper. The position includes the responsibility of head of Holcim Schweiz.
Maccarelli is currently working as the CEO of Holcim Colombia. Prior to this, he worked for Holcim Mexico first as Director Innovation and Commercial Development and later as Director Cement Sales & Retail. He has worked for Holcim for over 15 years and holds more than 20 years’ experience in the construction sector.
Colombia: Cementos Argos and Sistema Verde have collaborated to transform nearly 27t of waste from the Estéreo Picnic music festival in Bogotá on 21 – 24 March 2024 into alternative fuel for Cementos Argos' Cartagena plant. The initiative, which includes converting materials such as plastics and cardboard into fuel, aligns with Cementos Argos’ aim to reduce fossil fuel use and CO₂ emissions per tonne of cement by 29% by 2030.
Mauricio Giraldo, director of alternative resources at Cementos Argos said "We are very pleased to be part of this alliance with which we join the global need to join efforts to make an adequate use of waste in a safe, controlled and clean manner. Our goal as a company is to dispose of more than 300,000t/yr of waste, and with actions like this, we continue to contribute to achieving this goal.”
Colombia: Cemex Colombia plans to source 42,900MWh/yr of renewable electricity for its Caracolita cement plant in Colima from Celsia's upcoming 20MW solar power plant in Ibague. Upon the solar plant’s commissioning in 2025, this initiative will account for 25% of the cement plant's electricity needs.
Alejandro Ramirez, president of Cemex Colombia and Peru, said "Supplying our main cement plant in Colombia with solar energy will be a decisive step in our strategy to take advantage of renewable sources for cement production in Colombia."
Ricardo Sierra, CEO of Celsia, said "The company has 17 operational solar power plants totalling more than 300MW of installed capacity in Colombia." He added "Celsia’s target is to reach 1GW of photovoltaic projects under construction and development, some of which will deliver power to the grid, and others will benefit various industrial companies."
Cementos Argos to invest US$128m in operations in 2024
04 March 2024Colombia: Cementos Argos will benefit from US$128m in new investments in 2024. Reuters has reported that the investments will focus on enhancing operations and quality assurance. Parent company Grupo Argos plans to invest a total of US$509m in its subsidiaries throughout the year.
Cementos Argos’ earnings rise in 2023
22 February 2024Colombia: Cementos Argos recorded a 30% year-on-year rise in its earnings before interest, taxation, depreciation and amortisation (EBITDA) to US$620m in 2023. This came despite a 3% drop in the producer’s cement sales, to 15.7Mt. Its profit rose by 83% to US$74m. The producer attributed the growth to favourable price dynamics, cost efficiencies and productivity improvements.
Cementos Argos had an installed cement capacity of 24Mt/yr at the end of 2023.
Cementos Argos to use microalgae for carbon capture
14 February 2024Colombia: Cementos Argos has partnered with Ecopetrol, EAFIT and the University of Antioquia to develop a method of carbon capture using microalgae that also produces useable biomass. The partners will process this biomass into biocrude, with similar properties to fuel oil.
Cementos Argos’ project leader Gabriel Vargas said, “In microalgae we found a potential alternative, but this involved developing a technology for microorganisms to eat CO2 and grow from there. Then, looking for what we could use that biological material for, we saw an opportunity in biofuels. That's when, with the help of the PQI research group at the University of Antioquia, which had already been carrying out studies on the hydrothermal liquefaction of biomass, we began to refine that process.”
Grupo Argos commences US$10.1m share buyback
05 December 2023Colombia: Grupo Argos launched a buyback of US$10.1m-worth of its shares on 4 December 2023. Local press has reported that the offer covers US$8.33m-worth of common shares and US$1.73m worth of preferred shares. The offer will remain open until 7 December 2023.
Cementos Argos launches US$4.92m share repurchase offer
20 November 2023Colombia: Cementos Argos has launched an offer to repurchase shares up to a value of US$4.92m, comprising up to US$4.14m-worth of common shares and up to US$787,000-worth of preferred shares. The producer stated that the move aims to increase the liquidity of its shares on the Colombian stock exchange.
Cementos Argos raises sales in first nine months of 2023
15 November 2023Colombia: Cementos Argos’ sales of cement declined by 3.4% year-on-year to 11.9Mt during the first nine months of 2023, from 12.3Mt in the first nine months of 2022. Volumes dropped by 0.9% to 4.61Mt in the US, by 3.6% to 4.35Mt in Colombia and by 6.6% to 2.97Mt in Central America and the Caribbean. Nonetheless, its revenues rose by 16% year-on-year, to US$2.47bn from US$2.14bn. This resulted in earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$506m, up by 37% year-on-year.
For the full year 2023, Cementos Argos raised its EBITDA forecast to US$617 – 630m, compared to a previous forecast of US$580 – 605m. It expects to invest US$200 – 220m in capital expenditure throughout the year – US$90 – 99m of it on the construction of new capacity.