Colombia: Cementos Argos recorded sales of US$1.26bn in the first half of 2022, up by 13% year-on-year from US$1.11bn in the first half of 2021. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 16% to US$221m from US$264m. The group's US sales accounted for 62% of its revenues during the six-month period. They rose by 5.4% year-on-year to US$776m from US$736m in the first half of 2021. Cementos Argos' US business' EBITDA fell by 25% to US$133m from US$177m. Colombia contributed sales of US$304m, 24% of group revenues, up by 15% year-on-year from US$263m in the first half of 2021.
Cementos Argos' first-half 2022 cement sales totaled 8.17Mt, down by 5.2% from 8.62Mt in the first half of 2021. Its US cement volumes fell by 1.2% to 3.06Mt, its Colombian cement volumes by 6.2% to 2.98Mt and its Caribbean and Central America cement volumes by 22% to 2.13Mt.
Chief executive officer Juan Estaban Calle said "We are convinced of the great opportunity that lies ahead to lead the industry in sustainability and generate greater value for our shareholders and all stakeholders. The calcined clay pilot that we are starting in the USA is another important milestone in our roadmap to produce carbon-neutral concrete by 2050. The results of the second quarter were very positive both in terms of revenue growth and volumes, driven, mainly, by the solidity of demand in the US and the good dynamics of the Colombian economy amidst a challenging situation of high inflation and increase in interest rates."
