Colombia Cement Maker Argos Profit Falls 29%

Argos, a Colombian cement maker with a growing US business, saw sales barely move in the third quarter while its adjusted profit fell by almost a third.

A Stronger Peso and a Higher Power Bill

A stronger Colombian peso and a heavier energy bill squeezed cement profits at Argos in the third quarter of 2026. Cementos Argos, the Colombian cement maker, reported adjusted net profit of COP 197 billion (about US$60 million), down 29.2% from a year earlier.

Revenue slipped 1.4% to COP 1.35 trillion (about US$411 million), so sales held up while margins did not. The company says the quarter was marked by higher energy costs and the revaluation of the peso.

A strong peso hurts a company that reports in pesos but earns part of its income in dollars. Argos sells cement and concrete in Colombia, Central America, the Caribbean and the United States, so every dollar earned abroad converts into fewer pesos.

How the Quarter Adds Up

Adjusted EBITDA, short for earnings before interest, taxes, depreciation and amortisation, came in at COP 327 billion (about US$100 million). That is a margin of 24.3%, against 27.4% in the same quarter of 2025, as the company reported for that quarter.

Over the first nine months of 2026, revenue reached COP 3.88 trillion (about US$1.18 billion), roughly flat on a year earlier. Adjusted EBITDA for the nine months was COP 877 billion (about US$267 million), a margin of 22.6%.

For comparison, the company reported COP 928 billion (about US$283 million) in the first nine months of 2025 at a 23.9% margin. By our calculation that makes the 2026 figure about 5.5% lower.

Colombia Sold More but Earned Less

In Colombia, Argos says its cement shipments grew 6.3% in the year to September, against 3.6% for the industry as a whole. Third-quarter revenue there rose 5.7% to COP 821 billion (about US$250 million).

Adjusted EBITDA in Colombia fell 13.8% to COP 205 billion (about US$62 million), a margin of about 25%. The company points to higher coal costs, one fewer working day and a larger share of concrete, which earns less per tonne than cement.

Argos also cut administrative and selling costs by 5.1% so far this year, saving more than COP 25 billion (about US$7.6 million). Currency hedges, contracts that lock in exchange rates, added more than COP 39 billion (about US$12 million).

Cash Back to Shareholders

Argos says it has returned COP 695 billion (about US$212 million) to shareholders in 2026 through dividends and share buybacks. That is cash a US investor holding Colombian shares would have seen as income or as support for the share price.

We covered the group’s earlier buyback plans in our report on Colombia’s Sura and Argos buybacks and in our look at Grupo Argos and its Odinsa unit. The company profile is on our Grupo Argos company page.

The Tampa Bet

Argos is splitting its business into two platforms. Argos Materials serves the United States, while Argos Latam covers Colombia, Central America and the Caribbean.

In the United States, Argos Materials says it now has a permanent location in Tampa, Florida, for import logistics, to be developed over about two years. The company says it has identified more than 95 growth opportunities there, including new projects and possible acquisitions.

What It Means for You

For a US reader, the Tampa base is the thread to follow: building materials shipped into Florida can ease supply when construction demand is strong. The quarter also shows how a rising peso can trim the dollar value of Latin American earnings even when volumes grow.

If you track Colombian construction, the volume gains are a positive sign, and our cement dispatch report for August points the same way. The margin squeeze is the part to watch, and our Colombia coverage will follow the next results.

What Is Not Known

The company has not said how much of the profit drop comes from the peso and how much from energy costs. It is also unclear whether energy prices will ease before the next quarter.

We have not seen a timetable for when the Tampa site starts handling cargo. Nor is it known whether the Colombian margin can return above its recent range.

The profit and EBITDA figures are the company’s adjusted measures, and we have not seen the unadjusted net profit. Readers should compare like with like when they set these results against the 2025 quarter.

Frequently Asked Questions

How much profit did Cementos Argos make in the third quarter of 2026?

Adjusted net profit was COP 197 billion (about US$60 million), down 29.2% from a year earlier. Revenue was COP 1.35 trillion (about US$411 million), down 1.4%.

Why did Argos earnings fall?

The company points to higher energy costs and a stronger Colombian peso. In Colombia it also cites coal costs, one fewer working day and more low-margin concrete.

What is Argos Materials?

Argos Materials is the company’s US platform. It is building a permanent import-logistics base in Tampa, Florida.

Which exchange rate did you use for US$ values?

We converted at COP 3,283.75 per US$, the RT (a market-data provider) rate on 12 November 2026. Quarterly figures were earned at other rates, so the US$ values are approximate.