Infrastructure in Argentina Market Players Analysis

Products and Services

This report analyzes the key players in the infrastructure sector in Argentina based on the provided information. The players operate across various segments including construction, energy (oil and gas exploration, production, refining, power generation), cement production, airport operations, and public services like transport, water, and environmental management. While a definitive ranking by 2024/2025 revenue is challenging due to data availability, the following entities are identified as significant actors with their main products and services:

• Pan American Energy (PAE): Involved in the exploration and production of hydrocarbons (oil and gas) from conventional and unconventional sources. They also refine oil and commercialize fuels and lubricants through a network of service stations.
• YPF: Argentina's largest integrated energy company. Its main activities include the exploration and production of oil and gas (conventional and unconventional), refining, logistics, and marketing of fuels and lubricants. YPF is also involved in energy generation.
• Loma Negra: A leading producer of cement, masonry cement, lime, and concrete, essential materials for construction and infrastructure projects. They also have significant logistics operations via railway.
• Corporación América Airports (CAAP): A major private airport operator in Argentina, providing aeronautical services (passenger fees, landing fees, parking) and commercial services (retail, food, advertising, cargo handling) at the airports they operate under concession.
• Grupo Roggio (Benito Roggio e Hijos): A diversified group with significant interests in construction (particularly road works), urban transport operation (subway and railways), environmental services (waste management), water utilities, and highway concessions.
• Rovella Carranza: Primarily a construction company with a strong focus on road works. They also participate in other construction projects and operate through joint ventures.
• IMPSA: Specializes in the design, manufacture, and supply of large-scale capital goods and integrated solutions for energy generation (hydroelectric turbines, wind power equipment, nuclear components) and industrial processes (furnaces, pressure vessels).
• Sacde: A construction company focused on large infrastructure projects, particularly in the energy sector, including the construction of major pipelines.
• AESA: A subsidiary of YPF, providing engineering, construction, and industrial services, primarily supporting YPF's operations in the energy and infrastructure sectors.

Comparative table showing the growth/decline in volume and revenue by their main products and services

Player name	Main Products/Services	Volume Estimates (with year)	Volume Growth/Decline	Revenue Estimates (with year)	Revenue Growth/Decline
Pan American Energy (PAE)	Oil and Gas Exploration & Production, Refining, Fuel Sales	247 MMBOED (likely group-wide); Over 735 service stations (group-wide)	Not specified for 2024/2025 in provided data.	~$7.3 billion (PAEG turnover 2017); $225,000 million pesos (PAE revenue 2019)	Not specified for 2024/2025 in provided data.
YPF	Oil and Gas Exploration & Production (conventional & unconventional), Refining, Logistics, Marketing, Energy Generation	Largest oil/gas producer in Argentina; Over 410k bpd non-conventional oil production (Oct 2024); Projection to 1.5M bpd non-conventional oil by 2030	Growth in non-conventional oil production highlighted.	$650,000 million pesos (Overall revenue 2019); Vaca Muerta pipeline to enable ~$13B annual exports by 2027	Not specified for 2024/2025 infrastructure construction revenue. Growth expected from Vaca Muerta projects.
Loma Negra	Cement, Masonry Cement, Lime, Concrete	6.4 million tons cement despatched (2023); Capacity: 7.5M tons cement, 700k m³ concrete (2005)	Sales impacted by slowdown in public works in 2024.	$422,161 million pesos (Facturation 2023); $272.3 billion pesos sales income (by Sep 2024)	27.6% decrease year-on-year in peso terms by Sep 2024.
Corporación América Airports (CAAP)	Airport Operations (Aeronautical & Commercial Services)	32 million passengers annually in Argentina (2018); Operates 36 airports in Argentina	Not specified for 2024/2025 in provided data.	USD 840 million (Facturation in Argentina 2018)	Not specified for 2024/2025 in provided data. Financial reports mentioned as available (April 2025).
Grupo Roggio	Construction (Roads), Transport Operation, Environmental Services, Water Utilities, Highway Concessions	Metrovías: 324 million passengers (2016); Environmental services to 1.5M people; Water services to 1M+ people; Portfolio up to $600M (2018)	Public works paralysis impacting projects in early 2024.	~$2,500 million pesos annually (Group facturation 2014); >35% turnover from infrastructure	Not specified for 2024/2025 in provided data.
Rovella Carranza	Construction (Roads, General Construction)	Backlog of $131,011 million pesos (~USD 526M) (May 2023)	Backlog index increased (May 2023 vs Dec 2021).	$1,500 million pesos (Gross facturation 2013); $33,271 million pesos (Revenue 2022); $31,809 million pesos (Revenue 2021)	Revenue figures from 2021 and 2022 provided; 2023/2024 not explicitly compared for growth/decline in provided text.
IMPSA	Energy Generation Solutions (Hydro, Wind, Nuclear), Industrial Equipment	200th turbine produced (by 2019); Employs ~700-750 people	Sales income tripled in peso terms (March 2023 vs 2021).	~$100 million (Facturation 2019); ~$30 million (Facturation 2019); Historically up to $600M annually	Tripled sales income in peso terms by March 2023, but still reported losses. Privatized in late 2024.
Sacde	Large-scale Construction (Energy Infrastructure, Pipelines)	Involved in hundreds of km of pipelines; Awarded 2 sections (437 km total) of Vaca Muerta oil pipeline (with Techint)	Involved in significant ongoing projects.	Specific revenue not found; Financial performance within Pampa Energía group. Projects represent significant value.	Not specified in provided data.
AESA	Engineering, Construction, Industrial Services (Energy Sector)	Involved in YPF projects; Awarded contract for a pumping station on Vaca Muerta oil pipeline	Involved in significant ongoing projects.	Specific revenue not found; Financial performance integrated within YPF group.	Not specified in provided data.

References

• Ferias & Congresos - El Grupo Techint trabaja para fortalecer su cadena de valor con una economía más competitiva.
• La Política Online - Camargo Correa, el gigante brasileño.
• Infobae - El resurgimiento de Impsa: salida del default, Pescarmona, el impacto de los cuadernos y la turbina número 200.
• Marketscreener - Corporación América Airports S.A.: Segmentos de actividades y Distribución geográfica de la Facturación.
• BNamericas - Los principales proyectos del programa argentino de US$6.500mn de infraestructura estratégica.
• BNamericas - Los proyectos de infraestructura detenidos en Argentina.
• El Cronista - Confirmado: la brasileña Camargo Correa compró el 35% de Alpargatas.
• La Nación - El software aporta a Roggio el 10% de sus ingresos.
• Diario Río Negro - Contratos y empresas.
• La Nación - Nace Pan American Energy Group, un holding que facturaría US$ 7.300 millones al año.
• El Economista - Rocca elogió los progresos de Milei, pero advirtió: "Hoy Argentina tiene entre 10 y 20 veces la conflictividad de otros países".
• Urgente24 - Paolo Rocca (Techint): Inversión millonaria, miles de empleos y una advertencia a Javier Milei.
• Infobae - Corporación América sale a cotizar sus acciones en los EEUU.
• Verte - Loma Negra podría volver a manos nacionales.
• Infobae - Camargo Correa invertirá u$s100 millones en Loma Negra.
• El Cronista - Juan Carlos Fernández, de Impsa: "Estábamos como caballo en la gatera, muriéndonos por salir y no podíamos, por nuestras limitaciones".
• FIX SCR - Rovella Carranza SA - Informe de Calificación.
• Guia Senior ARGENTINA - ROVELLA CARRANZA SA.
• LA NACION - Qué pasa.
• Los Andes - Impsa sigue en rojo pero redujo 36% las pérdidas y triplicó las ventas.
• PAN AMERICAN ENERGY GROUP - PAN AMERICAN ENERGY GROUP.
• Pan American Energy - Acceso para proveedores.
• Construar.com.ar - Homenaje a Benito Roggio.
• Investing.com - Cuenta de resultados Corporación América Airports (CAAP).
• Investing.com - Cuenta de resultados Corporacion America Airports (CAAPm).
• Marketscreener - Cotización CORPORACION AMERICA AIRPORTS SA Acción CAAP Mercado NYSE | Gráfico.
• Política Argentina - Los detalles de la primera privatización de Milei: IMPSA pasó a manos privadas con una única oferta.
• Argentina.gob.ar - Obras Públicas.
• Convoca.pe - Empresa investigada por caso 'Club de la Construcción' es la principal contratista de la ARCC con montos por S/ 3,9 mil millones.
• LA NACION - La venta de Impsa: apogeo y caída de Pescarmona, uno de los industriales más importantes de la Argentina.
• El Economista - Paolo Rocca en ProPymes 2024: "La industria quiere ser parte de este proceso de 'reset' de la Argentina y ser protagonistas".
• Infobae - Río Matanza-Riachuelo: Explora uno de los proyectos de infraestructura más emblemáticos de Argentina | Termómetro económico y social de latinoamérica.
• iProfesional - El imperio Roggio, afectado por las coimas: cómo su estrategia para quedarse con negocios clave.
• BBVA Research - Argentina: financiando la brecha de infraestructura.
• Fundación de Investigaciones Económicas Latinoamericanas - ARGENTINA: INFRAESTRUCTURA, CICLO Y CRECIMIENTO.
• LA NACION - La construcción de la mayor obra de infraestructura de las últimas décadas quedó en manos de cinco empresas.
• El Constructor - Loma Negra: El balance financiero de la gigante del cemento.
• La Nación - Loma Negra, a punto de tener nuevo dueño brasileño.
• ABC Color - Camargo Correa de Brasil compra la firma Loma Negra de Argentina.
• EL PAÍS - El grupo Roggio recupera brío | Economía.
• Trivia by Consejo - Benito Roggio e Hijos SA y Ormas Ambiental SA – UTE, TFN, Sala D, 23/11/05.
• El Cronista - Paolo Rocca: "La industria quiere ser parte de este proceso de 'reset' de la Argentina".
• Clarin.com - Loma Negra, complicada: se cae la venta a un grupo brasileño y la casa matriz va a concurso de acreedores.
• Clarin.com - Loma Negra podría volver a manos nacionales: Mindlin sigue en carrera para comprar la reina del cemento.
• Market Research Future - Mercado del Sector de Infraestructura - Tamaño, crecimiento y visión general.
• Mordor Intelligence - Mercado de la Construcción en Argentina, Informe 2025-2034 | Cuota, Análisis.
• Global Market Insights - Mercado de construcción de infraestructura de transporte, informe 2032.
• Loma Negra - Quienes Somos.
• Benito Roggio e Hijos - Grupo Roggio - Hitos.
• Benito Roggio e Hijos - Grupo Roggio - Nuestras Empresas.
• IMPSA - Hidro.
• IMPSA - Oil & Gas.
• IMPSA - Nuclear.
• IMPSA - Vento.
• Corporación América Airports - Corporate Presentation.