
Displaying items by tag: Cementos Argos
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.
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.”
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.”
Summit Materials and Cementos Argos complete US merger
15 January 2024US: Summit Materials and Cementos Argos have successfully combined their operations in the US under a single entity. Summit Materials acquired Argos North America Corp. for US$1.2bn, and conversely issued 31% of its shares to Cementos Argos. Summit Materials expects to derive US$100m in additional earnings before interest, taxation, depreciation and amortisation (EBITDA) through the deal. Three representatives of Colombia-based Grupo Argos will sit on the board of up to 11 directors of the new combined entity.
Cementos Argos CEO Juan Esteban Calle said "The combination with Summit Materials, which had the resounding support of its shareholders, allows us to begin a new chapter in the successful history of our presence in the US, and is built on shared values, strategic vision and complementary capabilities.” He added “This new milestone consolidates our objective of continuing to expand our presence in the most attractive construction materials industry in the world for the benefit of our shareholders and all interest groups."
Summit Materials shareholders approve merger with Argos USA
12 January 2024US: Summit Materials has announced that its shareholders voted in favour of its proposed merger with Cementos Argos subsidiary Argos USA. Dow Jones Institutional News has reported that the parties expect the deal to conclude on 12 January 2024.
Nuada signs carbon capture partnerships with Cementos Argos, Cementos Molins, Holcim and Siam Cement Group
13 December 2023World: Carbon capture technology developer Nuada has entered into partnerships with four global cement market leaders. Cementos Argos, Cementos Molins, Holcim and Siam Cement Group (SCG) will all collaborate with Nuada to evaluate its latest carbon capture system for use in cement plants. The parties concluded the agreements with the support of the Global Cement and Concrete Association (GCCA), through its Innovandi Open Challenge.
Cementos Argos future tech leader Daniel Duque said “The GCCA Innovandi Open Challenge is a tremendous initiative where cement players collaborate with innovative companies that are developing the technologies and business models of a low CO2 construction industry. Nuada technology is a very interesting proposal with great potential.”
Cementos Molins’ chief innovation officer, Ignacio Machimbarrena, said “We are steadfast in our commitment to achieve carbon neutrality by 2050. Acknowledging the crucial role of carbon capture in this mission, we see Nuada's innovative Metal-Organic Framework (MOF) technology as a promising solution. Cementos Molins is fully dedicated to supporting this pioneering technology and collaborating with industry partners to pave the way for a greener future.”
Holcim’s global head of research and development, Edelio Bermejo, said “With carbon capture projects around the world and a commitment to invest US$2.28bn by 2030, we are leading our industry’s transition to a net-zero future. Partnering with Nuada will facilitate the testing and accelerate the deployment of their technology, ultimately supporting the scaling up of carbon capture efforts. We look forward to continued innovation and collaboration within the industry towards the goal of a net-zero future.”
SCG carbon capture and utilisation (CCU) director Surachai Vangrattanachai said "Collaborating with Nuada has been instrumental in our pursuit of innovative solutions. Their commitment to advancing technology aligns seamlessly with SCG's vision for sustainable progress. Together, we aim to pioneer transformative initiatives that drive us closer to net zero emissions.”
The GCCA’s cement, innovation and ESG director Claude Loréa said “This announcement is a testament to the success of the GCCA’s pioneering Innovandi Open Challenge Programme. It’s great to see Nuada – one of the first start-ups we worked with when we launched the programme in 2021, going from strength to strength, and helping to develop the vital carbon capture technology our industry needs to help us achieve net zero by 2050.”
Nuada co-chief executive director Conor Hamill said “The commitment of these major cement players to collaborate with Nuada attests to the potential of our carbon capture innovation as a cornerstone solution for low-carbon cement, and we eagerly anticipate working together to accelerate its deployment.”
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.