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Loma Negra reports 2Q21 results

Published by , Deputy Editor
World Cement,

Loma Negra has announced its results for the three-month period ended 30 June 2021.

2Q21 Key Highlights

  • Net revenue increased by 46.6% YoY to Ps. 14 269 million (US$147 million), mostly explained by the company’s core cement segment.
  • Strong increase in Consolidated Adjusted EBITDA of 74.1% YoY to Ps. 4354 million (US$48 million).
  • Consolidated Adjusted EBITDA margin expanded by 483 basis points YoY from 25.7% to 30.5%, driven by higher sales of cement, masonry, and lime together with higher operational leverage.
  • Net loss of Ps. 1265 million as a consequence of a one-off effect in deferred taxes as a result of the recent tax reform.
  • Net Debt /LTM Adjusted EBITDA ratio of 0.13x from 1.30x in 2Q20 and 0.16x in FY20.

Commenting on the financial and operating performance for the second quarter of 2021, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We are pleased to announce another quarter with an excellent performance. Demand continues with a strong momentum, and after several quarters of recovery is now exceeding pre-pandemic levels.”

“On the back of our revenue’s growth and a higher operational leverage is that we increased our EBITDA by 74%YoY and expanded our margin by 483 bps, reaching one of the best second quarters in recent years with Adjusted EBITDA in the quarter of US$48 million.”

“Additionally, during the quarter, we posted a net loss impacted by one-off income tax effect derived from the recent tax reform. Still, for the first half of the year, Net profit stood at Ps.1583 million.”

“Regarding our expansion project, last June we inaugurated the new kiln and is now producing clinker and contributing to our world-class operation. Additionally, the new cement mill and dispatch centre are close to commissioning.”

“For the second half, we expect strong recovery to continue and an expansion vis-à-vis pre-pandemic levels, as seasonality and public works should begin to contribute positively. Yet we remain cautious as macroeconomic context could affect the recovery and some degree of uncertainty remains in relation to the pandemic.”

“Last but not least, I would like to thank all our people, and stakeholders, for their commitment to Loma’s operational excellence, without whom this set of solid results would have been much harder to achieve. Supported by a robust and efficient productive footprint, a solid capital structure, and a dedicated team, Loma has the base to continue thriving in the years to come.”

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European cement news