Cementos Pacasmayo posts 44% rise in 1Q net income

Peru-based Cementos Pacasmayo reported a 13 per cent YoY increase in revenues to PEN525.4m (US$137.3m) in the 1Q22, primarily due to the rise in average prices of bagged cement as sales volumes of cement, concrete and precast fell by 5.3 per cent from 933Mt in the 1Q21 to 883.8Mt in the 1Q22. Although the company was impacted by a temporary decrease in sales to reconstruction-related projects and self-construction, the market has seen a pick-up in March.

Consolidated EBITDA advanced 21.3 per cent YoY to PEN127.5m in 1Q22 from PEN105.1m in the 1Q21 as the company’s operating profit stood higher due to a decrease in costs as the company imported less clinker. The consolidated EBITDA margin increased by 1.7 percentage points to 24.3 per cent.

Net income was up 43.7 per cent to PEN45.7m in the January-March 2022 period from PEN31.8m in the equivalent period of the previous year, supported by increased sales and operating profit.