Colombia's Grupo Argos more than triples profit in 2024

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Colombia's Grupo Argos more than triples profit in 2024

//business-finance.news-articles.net/content/202 .. rupo-argos-more-than-triples-profit-in-2024.html

Published in Business and Finance on Friday, January 31st 2025 at 7:41 GMT by Reuters

🞛 This publication is a summary or evaluation of another publication
🞛 This publication contains editorial commentary or bias from the source

Colombia's Grupo Argos reported a 221% increase in net profit in 2024, rising to 2.53 trillion pesos ($609 million), the conglomerate announced in a statement on Thursday.

2025-01-31 248 x 130 / 5772 Bytes

Grupo Argos, a Colombian conglomerate, reported that its net profit more than tripled in 2024, reaching 1.1 trillion pesos ($284.6 million), up from 348.8 billion pesos the previous year. This significant increase was attributed to a recovery in the construction sector, which boosted cement sales, and a strong performance in its energy and real estate divisions. The company also benefited from lower financial expenses due to a reduction in debt and favorable exchange rates. Despite these gains, Grupo Argos noted challenges such as inflation and high interest rates affecting consumer spending. The firm's CEO, Jorge Mario Velasquez, expressed optimism about future growth, citing ongoing infrastructure projects and urban development in Colombia as key drivers for continued expansion.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/colombias-grupo-argos-more-than-triples-profit-2024-2025-01-30/ ]