Cementos Pacasmayo S.A.A. Announces Consolidated Results for Second Quarter 2024
Cementos Pacasmayo S.A.A. and subsidiaries (NYSE:CPAC, BVL: CPACASC1))) ("the Company" or "Pacasmayo"), a leading cement company serving the Peruvian construction industry, announced today its consolidated results for the second quarter ("2Q24") and the first six months of the year ("6M24"). These results have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in Soles (S/).
2Q24 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 2Q23, unless otherwise stated)
- Revenues increased by 3.4%, mainly due to sales mix, as concrete and precast sales increased because of sales for the Piura airport project and the recovery of public sector investment.
- Sales volume of cement, concrete and precast decreased by 5.8%, mainly due to a contraction in bagged cement demand.
- Consolidated EBITDA increased 6.1%, reaching S/119.5 million, mainly due to the above-mentioned revenue increase, as well as lower costs and operational efficiencies derived from our new kiln in Pacasmayo.
- Consolidated EBITDA margin was 26.1%, a 0.7 percentage point increase.
- Net income was S/ 36.8 million, a 15.4% decrease, mainly due to a one-off exchange rate gain in 2Q23 because of the completion of the Pacasmayo plant improvement project.
6M24 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 6M23, unless otherwise stated)
- Revenues increased by 1.3%, mainly due to the increased sales of concrete and precast mentioned above.
- Sales volume of cement, concrete and precast decreased by 6.5%, mainly due to decreased cement demand from all segments.
- Consolidated EBITDA increased 8.1%, reaching S/252.3 million, mainly due to lower costs and operational efficiencies by using our new and more efficient kiln and discontinuing the use of imported clinker.
- Consolidated EBITDA margin was 27.0%, a 1.7 percentage point increase.
- Net income was S/ 86.3 million similar to the previous year.
For a full version of Cementos Pacasmayo's Second Quarter 2024 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Tuesday, July 23, 2024, to discuss these results at 9:30 a.m. Lima Time and 10:30 am Eastern Time.
To access the call, please dial:
+1 (718) 866-4614 from within the U.S.
Access code: 505256
There will also be a live Audio Webcast of the event at:
https://mm.closir.com/slides?id=505256
You can also find additional dial-in numbers depending on your current location in the above link.
About Cementos Pacasmayo S.A.A.
Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company's shares were listed on The New York Stock Exchange - Euronext under the ticker symbol "CPAC". With more than 65 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such ready-mix concrete and precast materials. Pacasmayo's products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.
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