Argos closes 2016 with a 8.7% increase in ebitda

Cement sales decreased in the last quarter of the year

Cement sales volume decreased by 5.5 percent YoY in the quarter to December, while for the entire year of 2016, this figure contracted by 2.4 percent to around 14,000 million tons.

"Our exposure to markets with different economic cycles allowed us to report resilient results in the midst of a challenging competitive environment in Colombia." More than 70% of the company's ebitda came from the company's operations outside Colombia, in the fourth quarter.

In the last quarter, consolidated revenues reached COP 2.0 trillion, down 6.9% YoY. Solid performance seen in US, Central American and the Caribbean offset Colombia's market conditions. Consolidated ebitda was COP 396 billion, achieving an ebitda margin of 19.7%. The company's net income stood at COP 27 billion.

On a year perspective, Cement Argos revenues increased by 7.7 percent YoY to COP 8,517 billion as ebitda expanded by 8.7 percent to COP 1,652 billion. The company's ebitda margin reached 19.4 percent.