Grupo Argos quintupled its consolidated net income in 2024, reaching COP 7.6 trillion, and will focus 100% on infrastructure

• The company recorded 28% growth in EBITDA, 424% growth in net income, and 396% growth in the net income attributable to the controlling entity, driven by the execution of strategic transactions throughout the year.
• On February 10, 2025, Cementos Argos confirmed the sale of its 31% stake in Summit Materials for USD 2.875 billion, marking a transformational milestone in the company’s history and opening new growth opportunities in the United States and other markets.
• The process to finalize the cross-shareholding unwind between Grupo Argos and Grupo Sura is progressing and will be submitted for approval by Grupo Argos’ Shareholders’ Meeting on March 27. This transaction will result in Grupo Argos’ shareholders directly holding the equivalent of more than COP 10 trillion in Grupo Sura shares.

Grupo Argos reported consolidated revenues of COP 15.2 trillion at the end of 2024, remaining stable compared to the previous year. EBITDA reached COP 5.1 trillion, growing 28%, while net income closed at COP 7.6 trillion, reflecting a 424% increase. The net income attributable to the controlling entity rose to COP 4.5 trillion, up 396%. Additionally, the company’s portfolio appreciated by COP 4.3 trillion compared to 2023.

Aligned with its financial performance, during 2024, Grupo Argos’ preferred stock price increased by 82%, while its common stock rose by 66%. Cementos Argos’ common stock grew by 67%, and Celsia’s stock appreciated by 24%. These increases significantly outperformed the MSCI COLCAP index, which grew 15% over the same period.

“Grupo Argos’ results in 2024 are the result of decades of work that have allowed us to create significant value for our shareholders. The strength, focus, and cash position with which we begin 2025 excite us as we look ahead to the future of this organization.”

Jorge Mario Velásquez
President of Grupo Argos

During 2024, Cementos Argos achieved revenues of COP 5.3 trillion (-0.3%), an EBITDA of COP 1.1 trillion (+2%), and a consolidated net income of COP 5.5 trillion (+1,625%). The focus on operational efficiency allowed for the optimization of logistics and operating costs, strengthening margins in key markets and driving EBITDA margin growth, which reached 21% by year-end.

Argos dispatched 5.3 million tons of cement in Colombia, consolidating its leadership with participation in 80% of the country’s major infrastructure projects. In Central America and the Caribbean, margins continued to strengthen due to the optimization of local plants and a focus on profitability. This region recorded revenues of USD 515 million, with an EBITDA of USD 127 million.

Celsia achieved consolidated revenues of COP 6.8 trillion (+9%) and demonstrated resilience in overcoming the challenges posed by the El Niño phenomenon. The year’s EBITDA reached COP 1.5 trillion, while net income attributable to the parent company was COP 222 billion, growing by 15%. The company continued consolidating structures for the development of new platforms with strategic partners, which, by the end of 2024, managed assets totaling COP 4.4 trillion, generating an EBITDA of COP 464 billion. Notably, the company began construction of the Carreto wind farm in Atlántico, with an installed capacity of 9.9 MW, and acquired two wind projects totaling 218 MW and a small hydroelectric plant in Peru with 19.8 MW. In solar generation, Celsia surpassed 400 MW and has an additional 300 MW under construction.

Odinsa Airports handled 52 million passengers in 2024, of which approximately 47 million passed through El Dorado Airport, which solidified its position as the leading connection hub in Latin America, surpassing airports in Mexico City and São Paulo in passenger traffic. This asset reached its maximum capacity and now accounts for around 70% of Colombia’s air traffic. As a result, the company continues to promote El Dorado Max, a private initiative aimed at expanding the airport’s capacity to over 60 million passengers per year, with an estimated investment of nearly USD 3 billion. Meanwhile, Odinsa Roads recorded an average daily traffic of 108,000 vehicles in 2024, with three of its assets showing growth rates exceeding GDP. Autopistas del Café and the Túnel de Oriente each handled 13.8 million vehicles, increasing by 5% and 1% compared to 2023, respectively. Pacífico 2 reached 2.8 million vehicles, growing by 6%, while the Malla Vial del Meta recorded 9 million vehicles, a 3% increase from the previous year.

The Urban Development Business (NDU) recorded the sale of 14 properties and continued optimizing costs while strengthening its position in the real estate market of the Barranquilla Metropolitan Area.

In terms of sustainability, Grupo Argos, Cementos Argos, and Celsia were included in the latest edition of the S&P Global Sustainability Yearbook as top-performing companies in their industries, while Odinsa was recognized as a yearbook member. This focus translated into significant progress in meeting the organization’s climate change goals by the end of 2024. At the consolidated level, Grupo Argos reduced its CO₂e emissions intensity by 42% per million pesos generated compared to the 2018 baseline, consolidating a positive trend and making steady progress toward its 46% reduction target by 2030.

Summary of Consolidated Financial Results

Summary of Separate Financial Results