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Cementos Pacasmayo announces consolidated results for Q3

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World Cement,

Cementos Pacasmayo S.A.A. and subsidiaries, a cement company serving the Peruvian construction industry, has announced its consolidated results for the third quarter and the nine months ended 30 September 2021. These results have been prepared in accordance with International Financial Reporting Standards and are stated in nominal Peruvian Soles (S/).

3Q21 Financial and Operational Highlights:

(All comparisons are to 3Q20, unless otherwise stated)

  • Sales volume of cement, concrete and precast increased 14.4%, continuing the positive trend from previous quarters. Bagged cement continues to be the biggest driver for growth, but concrete volumes performed very well this quarter as well.
  • Revenues increased 24.5% primarily due to the increase in the sales volume of cement, concrete and precast, and to an increase in cement and concrete prices, in line with cost inflation.
  • Consolidated EBITDA of S/ 117.3 million, a slight decrease, mainly due to the use of imported clinker needed to sustain the record levels of cement sales.
  • Consolidated EBITDA margin of 23.1% a 6.5 percentage points decrease mainly due to the use of imported clinker mentioned above. If compared to 2Q21 when the company was already using imported clinker, there is an improvement of 2.7 percentage points.
  • Net income of S/ 42.1 million, a 6.9% decrease mainly due to lower operating income because of the cost increases mentioned above. However, compared to 2Q21, there is a significant improvement of 52%, mainly due to higher revenues and operating profit.
  • Pacasmayo plant expansion – due to the significant increase in demand, and in line with the company’s client-centered vision, Cementos Pacasmayo has decided to invest US$70 million to produce an additional 600 thousand MT of cement per year in its Pacasmayo plant. This once more ratifies the company’s commitment and confidence in the development of the country.

9M21 Financial and Operational Highlights:

(All comparisons are to 9M20, unless otherwise stated)

  • Sales volume of cement, concrete and precast increased 49% mainly due to a significant recovery in demand after the halt in production and commercialisation during 2Q20.
  • Revenues increased 72.1%, primarily due the increased demand during 2021 and the halt in production during 2020 mentioned above.
  • Consolidated EBITDA of S/ 312.4 million; a 66.9% increase, primarily due to increased revenues during 2021, and higher costs due to the halt in production during 2020.
  • Consolidated EBITDA margin of 22.1%, 0.7 percentage points lower, mainly due to the use of imported clinker because of the significant increase in demand.
  • Net income of S/ 101.6 million, an increase over 100% mainly due to higher sales and a low comparative base because of a net loss during 2Q20 for the above-mentioned halt in production and commercialisation.

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