Peru-based Cementos Pacasmayo reported a 7.7 per cent rise in sales volumes of cement, concrete and precast in the 4Q19 due to higher sales to the public sector, El Niño reconstruction, some medium-size private projects as well as self-construction. The higher sales volumes resulted in a 9.8 per cent increase in revenues.
Revenues increased 9.8 per cent mainly due to the increase in sales volumes. The company also posted a net income of PEN29.5m. The 52.1 per cent advance in net income is mainly explained by the increased revenues, as well as higher operating profit and lower financial expenses.
Consolidated EBITDA increased by 10.9 per cent YoY to PEN100.9m. The company’s cement EBITDA edged up by 0.5 percentage points to 27.0 per cent.
Full-year 2019
For the full year of 2019, Cementos Pacasmayo saw cement, concrete and precast volumes advance by 10.6 per cent YoY, leading to a 10.3 per cent uptick in revenues. There was a 75.8 per cent YoY rise in net income, which reached PEN132m (US$39.1m), primarily due to higher operating income and lower financial expenses as well as non-recurring impacts.
Consolidated EBITDA rose 7.7 per cent YoY to PEN400.3m while its cement EBITDA margin slipped 0.9 percentage points YoY to 28.7 per cent. Key factors here were temporary cost increases due to clinker transport from Piura to Pacasmayo, a change in sales mix and the use of imported clinker in the 1H19.
