Q3 2024 Cementos Argos SA Earnings Call Transcript
Key Points
- Cementos Argos SA (CMTOY) reported a 6.4% increase in EBITA for the first nine months of 2024, reaching 887 billion pesos.
- The company's EBITA margin improved to 22.2%, expanding by 235 basis points compared to the previous year.
- The 'From the Mine to the Market' initiative has significantly enhanced financial performance by optimizing the entire value chain.
- Cementos Argos SA (CMTOY) achieved a record EBITA of 212 billion pesos in Colombia, the highest in nine years.
- The company successfully integrated with Summit in the US, expecting $40 million in recurring synergies from the first year of integration.
- Cementos Argos SA (CMTOY) faced a 4.8% decrease in consolidated cement dispatches and a 4.6% decrease in ready-mix dispatches year-to-date.
- The Colombian market experienced a 57% decline in new housing sales, negatively impacting local cement volumes.
- The company's net income figures for 2024 do not fully capture potential benefits due to nonrecurring expenses related to the Summit integration.
- A five-day truckers' protest in Colombia led to road blockades, reducing cement deliveries by approximately 15,000 tons.
- The Central America and Caribbean regions faced challenges, with some markets experiencing limited economic activity due to political transitions.
Good morning everyone. Thank you for being here with us today to discuss our third quarter's results. My name is Indira Diaz. I am Cemento Saroso and I will be hosting today's call on the call today are Juan Esteban Calle, our CEO; Felipe Aristizabal, our CFO; Maria Isabel Echeverri, the VP of Legal Affairs; Gustavo Uribe, the Leader of Central America; and Carlos Yusty, the VP of the Colombia Division.
First, I would like to ask you to carefully read the legal disclaimer that is currently being projected on the screen, which is also available on the presentation that is posted on our website.
Please consider that all the discussions of the financial and operational results held during the call will be based on the adjusted figures excluding nonrecurring and non core operations. For a detailed reconciliation of the adjustments. Please refer to the annexes of our presentation today. After the initial remarks, there will be a Q&A session. If you have a question, please raise your hand by pressing the icon at the bottom of
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