Grupo Argos' Urban Development Business increased its cash flow by over 500% and its EBITDA by 300% in the first quarter of the year

• The Urban Development Business continues to consolidate its leadership in the development of high-quality urban projects and sustainable tourism in the northern region of the country, achieving record revenues of COP 90 billion (+49%), a net cash flow of nearly COP 26 billion (+500%), and in the case of EBITDA, a growth of 322% surpassing COP 38 billion.
• These results are in response to the positive growth prospects of the business, the completion of negotiations in Barranquilla for the development of urban projects, and the dividend payout from portfolio investments such as the Sofitel Calablanca Hotel in Barú.
• Over the next five years, Grupo Argos, through this business, has signed sales agreements that will generate cash revenues of COP 350 billion.

During the first quarter, revenues grew by 49% compared to the same period last year, reaching COP 90 billion. The cash flow reported an increase of 564%, closing at COP 26 billion, while the EBITDA reached COP 38 billion, representing a 322% increase compared to 2022.

These results are generated thanks to the realization of new businesses in the city of Barranquilla and the returns delivered by portfolio investments such as the Sofitel Calablanca Hotel in Barú. They also reaffirm the growth and leadership prospects of the Urban Development Business in the design and execution of urban and commercial projects with high standards of quality and sustainability in the region.

“We are proud of these results, as they allow us to create value for Grupo Argos shareholders while contributing to the sustainable development and competitiveness of the departments of Atlántico and Bolívar. From the Urban Development Business, we will continue to drive high-quality projects that contribute to improving the quality of life and generating opportunities for the residents of Barranquilla and Barú in Cartagena.”

Maria Clara Aristizabal – Manager, Grupo Argos’ Urban Development Business

Currently, the Urban Development Business has 52 signed agreements that will generate cash revenues of COP 350 billion over the next five years.

About the Urban Development Business.

With over 35 years of experience, Grupo Argos’ Urban Development Business designs and executes urban projects in the metropolitan area of Barranquilla and in Barú, Cartagena. Among the most notable projects are Ciudad Mallorquín in Puerto Colombia, Atlántico, considered one of the country’s most important housing mega-projects, and the construction of the Sofitel Calablanca Hotel, considered the best luxury hotel in Latin America.

It is also worth highlighting the urban projects in Barranquilla, including the Parque de la Castellana and Parque del Realismo Mágico, as well as the new Carrera 65A, the expansion of Calle 98 and Carrera 71 in the city of Barranquilla, and the extension of Calle 2A in the municipality of Puerto Colombia.