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Cementos Pacasmayo shares Q4 financial results

Published by , Deputy Editor
World Cement,

Cementos Pacasmayo has announced its consolidated results for the fourth quarter and the whole year ended 31 December 2020. These results have been prepared in accordance with International Financial Reporting Standards and are stated in nominal Peruvian Soles.

(All comparisons are to 4Q19, unless otherwise stated)

  • Sales volume of cement, concrete and precast increased 37.2%, reaching historical record levels, mainly due to the continued increase in sales of bagged cement, to the self-construction segment and to the public sector for reconstruction related projects.
  • Revenues increased 27.1% primarily due to the increase in sales volume of cement, partially offset by lower sales of concrete and lower average price of cement, mainly due to sales mix, as the company sold more of its lower-priced products.
  • Consolidated EBITDA of S/ 128.1 million, a 27% increase compared to the same period in 2019, and a 6.2% increase quarter-on-quarter, beating the historical record reached during the previous quarter. This increase was mainly due to increased sales volume, as well as sustained savings in expenses.
  • Consolidated EBITDA margin of 27.0% in line with 4Q19.
  • Net income of S/ 47.5 million, a 61.0% increase mainly due to increased sales and higher operating income.
  • The Sustainability Yearbook 2021 – Cementos Pacasmayo is honoured to have been included in the Yearbook by S&P, which showcases companies that score in the top 15% of their industry globally and have a gap of less than 30% from the leader's Global ESG score. In addition, the company has also been awarded Industry Mover status, as it recorded the strongest year on year score improvement in the industry.

2020 Financial and Operational Highlights

(All comparisons are to 2019, unless otherwise stated)

  • Sales volume of cement, concrete and precast decreased only 1.2% mainly due to the halt in production and commercialisation during 2Q20. However, national market share for the last twelve months increased 3.4 percentage points compared to 2019, reaching 25.6%, one of the highest levels in the company’s history.
  • Revenues decreased 6.9%, primarily due to the halt in commercialisation mentioned above.
  • Consolidated EBITDA of S/ 315.3 million; a 21.2% decrease, primarily due to the decreased revenues mentioned above, as well as fixed costs derived from the stop in production during 2Q20.
  • Consolidated EBITDA margin of 24.3%, 4.4 percentage points lower, mainly due to the decrease in sales volume of cement during 2Q20.
  • Net income of S/ 57.9 million, a 56.1% decrease mainly due to decreased operating profit during 2Q20, despite the recovery during the second half of the year.

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