Cementos Pacasmayo S.A.A. Announces Consolidated Results for Third Quarter 2023
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 third quarter ("3Q23") and the nine months of the year ("9M23"). These results have been prepared in accordance with International Financial Reporting Standards ("IFRS") and are stated in Peruvian Soles (S/).
3Q23 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 3Q22, unless otherwise stated)
- Revenues decreased 6.7%, mainly due to a contraction in demand, which affected the self-construction segment, as well as a stagnation in public investment. However, compared to 2Q23, revenues increased 16.9%.
- Sales volume of cement, concrete and precast decreased 11.5%, mainly due to the above-mentioned reasons. However, when compared to 2Q23, sales volume increased 14.5%.
- Consolidated EBITDA of S/128.9 million, a 3.2% increase, mainly due to efficiencies derived from the use of our own clinker as well as lower costs of raw materials.
- Consolidated EBITDA margin of 24.9%, a 2.4 percentage point increase, mainly due to the above-mentioned decreased costs.
- Net income of S/ 46.0 million, a 4.1% increase mainly due to the above-mentioned reasons.
9M23 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 9M22, unless otherwise stated)
- Revenues decreased 9.1%, mainly due to the low levels of private and public investment, which affected cement demand, as well as the impact of cyclone Yaku during the first months of the year.
- Sales volume of cement, concrete and precast decreased 15.2%, mainly due to the above-mentioned reasons.
- Consolidated EBITDA of S/ 362.2 million, a 2.9% decrease, mainly due to decreased revenues, partially offset by lower costs.
- Consolidated EBITDA margin of 25.2%, a 1.6 percentage point increase, mainly due to improved cost structure, as well as the halt in use of imported clinker and the use of lower cost raw materials.
- Net income of S/ 133.0 million, a 3.6% decrease, in line with lower revenues as mentioned above. However, net income margin increased 0.5 percentage point, reaching 9.2% during this period.
For a full version of Cementos Pacasmayo's Third Quarter 2023 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Thursday, October 26, 2023, 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 60 years of operating history, the Company produces, distributes, and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete. 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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