Cementos Pacasmayo and subsidiaries a leading cement company serving the Peruvian construction industry, announced today its consolidated results for 1Q23.These results have been prepared in accordance with International Financial Reporting Standards and are stated in nominal Peruvian Soles.
(All comparisons are to 1Q22, unless otherwise stated)
Revenues decreased 8.6%, mainly due to the impact of cyclone Yaku, causing severe rainfall in our area of influence, affecting our ability to ship cement for some days in March. Nonetheless, if we compare only the first two months of this year with the same period in 2022, revenues only decreased a moderate 1.7%.
Sales volume of cement, concrete and precast decreased 16.4%, mainly due to the above-mentioned reasons. Demand decreased 23.4% in March as the continued rainfall and uncertainty about its duration affects the ability to build.
Consolidated EBITDA of S/120.7 million, a 5.3% decrease, mainly due to decreased revenues. However, this quarter’s EBITDA is similar to 4Q22.
Consolidated EBITDA margin of 25.1%, a 0.8 percentage point increase.
Net income of S/ 43.5 million, a 4.8% decrease mainly due to decreased revenues as mentioned above. However, when compared to 4Q22, net income increased 11.8%.
Payment of Senior Notes - On February 8, we paid the remainder of our Senior Notes in dollars for US$131 612 000 using the Club Deal credit line.
For a full version of Cementos Pacasmayo’s First Quarter 2023 Earnings Release, please click here to see more.