Votorantim Cimentos’ sales volume rose to 9.8Mt in 2Q21 compared to 7.5Mt in 2Q20, a growth of 31 per cent. Strong sales were recorded on all countries of the company’s operations as a result of COVID-19 vaccinations and improving market dynamics in all regions.
Osvaldo Ayres, Votorantim Cimentos’ chief financial officer, said: "The company's consolidated net revenue improved by 50 per cent, when compared to 2Q20, reaching BRL5809m (US$1107.1m) in 2Q21 mainly relating to higher volumes and prices in all regions."
Adjusted EBITDA reached BRL1542m in 2Q21, representing a 110 per cent increase compared to the same period of last year. "EBITDA was primarily driven by strong market recovery in all clusters, continuous cost discipline and COVID-19 pandemic restrictions led to impact of 2Q results last year," added Mr Ayres. Net income amounted to BRL692m in 2Q21. Net income reached BRL692m in 2Q21 compared to a loss of BRL153m in 2Q20.
Capex totalled BRL267m in 2Q21 mainly due to sustaining and modernisation projects. Guidance on Capex expenditure for the year is maintained at BRL1.5bn.
The company's gross debt reached BRL11.7bn by the end of the 2Q21. Net debt ratio was reduced to 1.58 x EBITDA to BRL8.5bn, down from BRL10.8bn in 2Q20.
Votorantim Cimentos' CEO, Marcelo Castelli, said: "For the dynamics of the market. in the short term, we see a tight market. We don’t see any severe or big change in the landscape supported by the reasons and fundamentals that we have disclosed."
