(Reuters) -Colombia’s Grupo Argos reported a 221% increase in net profit in 2024 to 2.53 trillion pesos ($609 million), the conglomerate announced in a statement on Thursday.
Argos, with units in the energy, cement and airport operations, saw revenue last year grow 148% to total 2.53 trillion pesos.
The company’s earnings before interest, taxes, depreciation, and amortization soared 241% from a year earlier to reach 3.22 trillion pesos.
Last year, Grupo Argos divested its stake in Grupo Nutresa, signed a spin-off agreement with Grupo SURA to simplify its organizational structure, and finalized the sale of a 31% stake in its subsidiary Cementos Argos to Summit Materials.
The conglomerate has called for an extraordinary shareholders’ meeting on March 27 to seek approval for the spin-off with Grupo SURA.
($1 = 4,153.59 Colombian pesos)
(Reporting by Brendan O’Boyle; Editing by Himani Sarkar)
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