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Algebraic Multigrid (AMG) is an extremely popular linear system solver and/or preconditioner approach for matrices obtained from the discretization of elliptic operators. However, its performance and scalability for large systems obtained from unstructured discretizations seem less consistent than for geometric multigrid (GMG). To a large extent, this is due to loss of sparsity at the coarser grids and the resulting increased cost and poor scalability of the matrix-vector multiplication. While there have been attempts to address this concern by designing sparsification algorithms, these affect the overall convergence. In this work, we focus on designing a specialized matrix-vector multiplication (matvec) that achieves high performance and scalability for a large variation in the levels of sparsity. We evaluate distributed and shared memory implementations of our matvec operator and demonstrate the improvements to its scalability and performance in AMG hierarchy and finally, we compare it with PETSc.