Odinsa has consolidated its position as leader of the infrastructure sector with 61 percent growth in Ebitda
- With important milestones such as El Dorado airport expansion, the disbursement for Pacifico II and the excess demand of its ordinary bonds that exceeded $927,000 million.
- The company closed the year with positive results in all its concessions.
- 2017 was a key year for the consolidation and execution of the company’s roads and airports strategic approach.
- 27 million vehicles drove through the roads of Grupo Argos concession company and 36 million passengers traveled through the airports.
Medellin, March 20, 2018 – Odinsa, a concession company of Grupo Argos, held its General Shareholders’ Meeting in Medellin today, reporting strong financial performance and relevant facts of the company in 2017 that ratify its management and allow to continue generating long-term value.
The organization highlighted 2017 as a key period for the consolidation and execution of its strategic focus on roads and airports. Under this framework, it made divestments in the energy business through the sale of Gena and Genpac power generators in Panama and Chile, respectively, and in concessions such as the Santa Marta-Paraguachón road, where it kept minority interest; thus, concentrating its investment on controlled assets to deploy its competitive advantages and achieve healthy balance between projects under structuring, construction and operation stages.
This disciplined implementation of the strategy allowed the company to achieve positive financial results recording an Ebitda of COP 515,292 million, revenues of COP 813,083 million and a net profit of COP 144,006 million, figures 61%, 10% and 7% higher than those reported in 2016, excluding non-recurrent revenues and divestments made.
“We close the year with a strategic portfolio that strengthens our position in the sector and with deep enthusiasm for the trust shown by the market in our company, with specific facts as the excess demand of ordinary bonds by 2.3 times the amount offered and the involvement of international bodies in the 4G program financing with the support provided to Pacific II“, said Mauricio Ossa, President of Odinsa.
In the airport business, Odinsa stressed the completion of approximately 380,000 operations; the transportation of more than 920,000 tons of cargo; the transportation of a little more than 36 million people through air terminals under concession, and the increase in passenger traffic to international destinations, which recorded 7percent in El Dorado airport in Bogotá and 2 percent in Mariscal Sucre airport in Quito. He also highlighted the delivery of the expansion works at El Dorado airport, with an investment of more than $420,000 million Colombian pesos, increasing its capacity to 40 million passengers per year. Finally, he announced that in the next few days, Skytrax will award recognition to these two airports for their management.
On the other hand, in terms of its road concessions, the company indicated that 27.6 million vehicles traveled through its 983 km of roads under concession, recording a 2 percent traffic increase as compared to 2016, and highlighted the excellent performance of the Pacifico II project that achieved its first disbursement of the financing structured as “Project Finance” with the involvement of international firms; in addition, the project ended the year with 30 percent work progress and an investment of roughly COP 368,000 million.
As to the forecast for 2018, Mauricio Ossa stated: “we will continue to efficiently manage our assets portfolio, structuring high quality and impact new projects and deploying our management capacity in the development of resilient and sustainable infrastructure in order to consolidate our position as a high-value road and airport concession platform“.
During the Shareholders’ meeting, the presentation of results was framed within an important message to continue managing the company in an environment of ethics, transparency, sustainability and good corporate governance as engines for the country and the company’s responsible and positive growth.
For further information, please contact:
Andrea Jimeno / Director of External Communications ajimeno@odinsa.com / Mobile: 3134964741
Viviana Arroyave / Head of Media and Communications varroyave@odinsa.com / Mobile: 3176469218
