In Brazil Votorantim Cimentos' net revenue in the 3Q21 was BRL2.9bn (US$529.3m), an increase of 24 per cent compared to the 3Q20. Adjusted EBITDA was BRL672m an increase of 11 per cent compared to the same quarter last year.
The positive results in Brazil in the 3Q21 were primarily due to growth in sales volume and prices, even when considering the strong comparison base in 3Q20 and economic dynamics with higher costs and higher inflation, said Votorantim Cimentos.
The Brazilian cement market ended the first nine months of 2021 with a total of 49.2Mt of cement sold, an increase of 9.7 per cent over the same period last year, according to data from the National Cement Association (SNIC). The strong growth experienced in the 1H21, primarily due to a low comparison base in the same period last year, now follows a deceleration curve, as anticipated by the cement industry.
In North America the company’s net revenue was BRL2.3bn in the 3Q21, an increase of 25 per cent compared to the 3Q20, primarily due to the incorporation of McInnis volumes, in addition to positive market dynamics in Canada and the USA. Adjusted EBITDA grew 11 per cent compared to the 3Q20, reaching BRL747m in the 3Q21 against BRL671m in the same period of 2020.
In Europe, Africa and Asia, Votorantim Cimentos’ net revenue increased 25 per cent compared to the 3Q20, reaching BRL1bn. The positive results are due to higher demand in Morocco, Turkey and Spain compared to the same period last year, when countries were still being impacted by COVID-19 restrictions, along with better price dynamics. Adjusted EBITDA was BRL154m in the 3Q21, a 20 per cent reduction compared to the 3Q20.
In Latin America the company’s net revenue in the 3Q21 was BRL254m. The positive results were primarily driven by a recovery in the Bolivian market, which had been impacted by COVID-19 restrictions last year, and a strong demand for adjacent products in Uruguay. Adjusted EBITDA was BRL85m, up 19 per cent compared to the 3Q20.
