Displaying items by tag: Colombia
Cemargos net profit drops 79% in H1 2013
24 July 2013Colombia: Cementos Argos (Cemargos) has reported a year-on-year fall of 79.2% in net profits to US$38.9m for the first half of 2013. The Colombian cement producer attributed the decline to a sale of assets in the first half 2012 that had artificially inflated net profits.
Revenue for the first half of 2013 was US$1.24bn, a rise of 9% from US$1.2bn in the first half of 2012. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 23% to US$261m from US$212m. In the first half of 2013 Cemargos shipped 5.5Mt of cement, a 1% year-on-year increase.
"The results reflect the positive trends being seen in our markets and the strategies of segmentation, price and penetration being implemented," said the company in its financial statement. Cemargos said that columes recovered in Colombia in the second quarter of 2013 and the Caribbean region continued to support growth.
Colombia: Cementos Argos has raised US$750m from the preferred shares-issuance in the local and international markets, according to a letter to the Colombian financial services watchdog Superfinanciera. The share-issuance was oversubscribed, with demand amounting to US$1.18bn from more than 14,000 Colombian and international investors.
Of the interested investors, 65% were local investors and 35% were from abroad. Additionally, 58% of the interested parties were institutions and 42% were individuals. The proceeds from the transaction will be used by the company to support its growth in the cement and concrete industry.
Cementos Argos sales drive profits up by 6% to US$218m in 2012
27 February 2013Colombia: Growth in cement and concrete sales has helped Colombia's largest cement firm, Cementos Argos, to increase its 2012 profits by 5.9% to US$218m, the company has announced in a financial statement.
Overall revenue was up by 23% to US$2.44bn in 2012 compared to 2011. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 29% to US$440m. Cementos Argos increased its cement sales by 6% to 10.8Mt in 2012. In the company's Colombian division cement sales rose by 2% to 5.1Mt. In the US division cement sales rose by 13% to 1.6Mt. In its Caribbean division cement sales rose by 21% to 2.8Mt.
"There was a positive trend towards accelerated growth in segments in both infrastructure and construction in general," said the statement.
Holcim announces new Colombian plant
26 November 2012Colombia: Swiss construction materials company Holcim has announced plans to double its cement production capacity in Colombia by investing US$600m in a new 2Mt/yr cement plant, according to an official statement.
Holcim, which currently produces around 2.1Mt/yr of cement in Colombia at its Nobsa plant, is conducting a feasibility study for the new facility. The construction phase is expected to create 1000 direct and indirect jobs.
"We're evaluating the departments of Bolívar and Antioquia as possible locations but we've yet to make a decision," said country manager, Miguel Ángel Rubalcava.
The new plant announcement comes as the Colombia government embarks on an
ambitious investment programme to develop its infrastructure. Among the plan's goals are a fourfold increase in the country's four-lane highways by 2018.
Infrastructure investments in the country are expected to reach US$10bn by 2014, compared to US$3bn in 2012.
San Marcos launches in Colombia
06 June 2012Colombia: Cementera San Marcos has started operations in Yumbo, in the Valle del Cauca region of Colombia.
The company is a project of the Cobo family that partnered with Otoya and Armitage, and a consortium of the Solarte brothers. The Cobos already own a limestone mine. Manager Fernando de Francisco estimates that the Colombian cement market currently stands at 0.95Mt/month, with Cementera San Marcos aiming at a 1.5% share.
Meanwhile Miguel Angel Rubacalva, president of Holcim Colombia, expects market growth in 2012. In 2011 Holcim Colombia saw a 19.8% increase in sales, with operating income rising by 103.3% from US$20,000 to US$40,300. Holcim plans to increase the capacity of its plant at Nobsa, Boyacá by 5%.
Cementos Argos announces new internal structure
30 May 2012Colombia: Cementos Argos has announced the appointment of four new vice-presidents following of internal reorganisation. Following the promotions Jorge Mario Velasquez, president of Argos, commented that the moves had met the right balance of youth and experience.
Juan Luis Munera, a commercial law attorney with seven years service with Argos, has been appointed to vice president for legal and sustainability. Carlos Horacio Yusty, an engineer specialising in industrial management systems with 16 years service with Argos, has been appointed to vice president of finance. Mauricio Ossa, a business manager with 15 years service with Argos, has been appointed regional vice president of the company's Caribbean operation. Tomas Restrepo, currently vice president of innovation with five years service with Argos, will serve as regional vice president of Argos' Colombian units.
Cemargos appoints new chairman
09 May 2012Columbia: Columbia's largest cement company, Cementos Argos (Cemargos), has named Jorge Mario Velásquez as its chairman.
A civil engineer with over 30 years' experience in cement, Velásquez replaces José Alberto Vélez, who remains at the head of parent company Grupo Argos. The changes are part of the company's ongoing corporate restructuring process, which includes splitting off non-cement assets to its investment arm, Inversiones Argos.
Argos sees significant improvement in first quarter
30 April 2012Colombia: Colombia's Grupo Argos has announced that its consolidated net profit in the first quarter of 2012 was US$125m, a fourfold increase from that seen in the first quarter of 2011. The group said that it had seen a surge in growth in its most significant business areas, namely cement and electricity. The group, which has a 61% stake in Cementos Argos, said that its earnings before interest, taxes, depreciation and amortisation, were US$250m.
Cementos Argos funds Ceratech
21 June 2011US/Colombia: Ceratech, Inc., a producer of alternative, non-OPC cementitious materials, has accepted another strategic equity investment, this time from Colombian cement powerhouse Cementos Argos. The Ceratech investment follows Argos' recent expansion of its US presence through a USD 760m purchase of Lafarge assets in the south east of the country. The strategic investment will help Argos meet its goal of building a competitive advantage based on sustainability and innovation.
Ceratech's manufacturing process produces technologically advanced, more durable, 'sustainable cements' comprising 95% waste fly ash generated by electric utilities. Its production does not generate any CO2 and the product is well-positioned for adoption by contractors, distributors and companies that are looking for new solutions that better conform to green building initiatives.
The two companies will cooperate to develop and distribute Ceratech's cement through Argos' established ready mix channels throughout the mid-Atlantic, southeastern and southwestern US markets.
"This strategic investment being made by Argos shows how important innovative, sustainable construction products are to the industry," stated Jon Hyman, CEO of Ceratech. "Ours is the only cement on the market composed of more than 90% fly ash. As the industry's only carbon-free cement, we exceed the requirements for green building practices such as USGBC's LEED rating system."