to
Juan Esteban Calle | Felipe Aristizabal | Maria Isabel Echeverri | ||
CEO | CFO | VP of Legal Affairs | ||
Gustavo Uribe | Carlos Yusty | |
Leader of Central America | VP of the Colombia Division | |
Click to edit Master title
This document contains forward-looking statements and information related to Cementos ArgosstyleS.A. and its subsidiaries (together referred to as "Argos") that are based on the knowledge of current facts, expectations and projections, circumstances and assumptions of future events.
Various factors may cause Argos' actual future results, performance or accomplishments to differ from those expressed or assumed herein.
If an unexpected situation presents itself or if any of the premises or of the company's
estimations turn out to be incorrect, future results may differ significantly from the ones that are mentioned herein.
The forward-looking statements are made to date and Argos does not assume any obligation to update said statements in the future because of new information, future events or any other factors.
All the discussions on the financial and operational results held during the call, will be based on the adjusted figures, excluding non-recurring and non-core operations. For a detail on the reconciliation and the adjustments please refer to the annexes of our quarterly report.
Quarter highlights | |||||||||
COP 1.3 | Tn | COP 317 | Bn | ||||||
REVENUE | EBITDA | ||||||||
-1.6% YoY | +7.4% YoY | ||||||||
2.2mm ton | 654 k m3 | ||||||||
CEMENT VOLUME | RMX VOLUME | ||||||||
-8.6% YoY | |||||||||
-8.1% YoY |
Key Figures - Adjusted | QUARTER | YTD | |||||
2023.Q3 | 2024.Q3 | Var | 2023.Q3 | 2024.Q3 | Var | ||
Revenue | COP Bn | 1.358 | 1.336 | -1,6% | 4.195 | 3.991 | -4,9% |
EBITDA | COP Bn | 295 | 317 | 7,4% | 833 | 887 | 6,4% |
EBITDA Margin | % | 21,7% | 23,7% | 199 bps | 19,9% | 22,2% | 235 bps |
Net Income | COP Bn | 250 | 157 | -37,4% | 504 | 409 | -19,0% |
Net Margin | % | 18,4% | 11,7% | -669 bps | 12,0% | 10,2% | -178 bps |
Volumes - Adjusted | QUARTER | YTD | ||||||
2023.Q3 | 2024.Q3 | Var | 2023.Q3 | 2024.Q3 | Var | |||
Cement | 000 MT | 2.456 | 2.246 | -8,6% | 7.319 | 6.969 | -4,8% | |
RMC | 000 M | 3 | 711 | 654 | -8,1% | 2.084 | 1.988 | -4,6% |
For a detailed reconciliation of the adjustments please refer to the appendix
Reaching global standard OEE metrics | Efficiently managing production costs | Strong brand value proposition | ||
industry with strong secular fundamentals
- Housing sales increasing 23% positively impacting cement dispatches in the back end of 2025 and beyond
- Lower inflationary pressures on the cost structure driving solid margin expansion
- Lower rates environment supporting an enhanced level of economic activity across our footprint
- Stronger economic performance throughout our portfolio driven by the recovery of Colombia1
- Expected long-term aggregate demand CAGR of ~3.5% through 2030 in Argos' markets, outperforming the estimated ~1% LATAM average for 2023-20252
Challenging short-term topline performance driven by volume affectations.
1The information contained in this is based on public information taken from the FMI used for internal purposes
2 Internal calculations based on Onfield Research estimates.
Solid positioning on the back of
strong sector momentum allows for sustainable value creation
approved dividends +30% YoY | Of repurchase program executed |
Above 2024 guidance
Total expected synergies from integration | ADTV | |
Traded volumes | ||
TSR usd | STOCK VALUE | ADTV |
Quarter highlights
+1.7 %+276bps
EBITDA YoY | EBITDA MARGIN YoY |
YoY pricing dynamics in line with local
inflation
Key Figures - Adjusted | |
Revenue | COP Bn |
EBITDA | COP Bn |
EBITDA Margin | % |
Volumes | |
Cement | 000 MT |
Local Market | 000 MT |
Exports | 000 MT |
RMC | 000 M3 |
Aggregates | 000 MT |
QUARTER | |
2023.Q3 | 2024.Q3 |
- 744
- 212
25,8% | 28,5% | |
QUARTER | ||
2023.Q3 | 2024.Q3 | |
1.540 | 1.354 | |
1.160 | 999 | |
380 | 355 |
- 618
- 137
Var -8,1%1,7% 276 bps
Var -12,1% -13,9% -6,6% -2,6% -34,5%
2023.Q3 2.333 537 23,0%
2023.Q3 4.354 3.321 1.032 1.868 827
YTD 2024.Q3 2.230 577 25,9%
YTD 2024.Q3 4.012 2.955 1.057 1.834 441
Var -4,4%7,4% 286 bps
Var -7,8% -11,0%2,4% -1,8% -46,7%
- Cement and ready-mix volumes -12% and -3%, aligned with market contraction and our focus on profitability over volume.
- Five-daytruckers' protest in September caused road blockades, affecting volumes by ~15,000 tons.
- EBITDA reached the highest in nine years, up 2% from last year.
- COP 23.6 billion savings, driven mainly by optimized variable and logistics costs.
- EBITDA margin 28.5%, the highest since 2014, +276 basis points year-over-year.
For a detailed reconciliation of the adjustments please refer to the appendix
Positioning ourselves as the most profitable player of the country1
OEE +10% during the last
two years
Stable production costs per ton over the last 3 years
Optimized value
proposition that solidifies
market leadership
1The information contained in this slide has been calculated by Cementos Argos S.A. based on public information taken from the Superintendencia de Sociedades. Cementos Argos S.A. does not guarantee the accuracy of the information.