Cementos Pacasmayo reports 15% increase in 2022 net income

Peru-based Cementos Pacasmayo saw its revenues increase by 1.7 per cent YoY to PEN533.8m (US$138.8m) in the fourth quarter of 2022, mainly due to an increase in average prices of bagged cement as inflation affected the company’s raw material and energy costs.

Sales volumes of cement, concrete and precast in the 4Q22 decreased 1.7 per cent from peak levels in the 4Q21.

In the last quarter of 2022, the company reported a 14.5 per cent YoY decline in consolidated EBITDA to PEN121m, mainly due to non-recurrent expenses. This affected the EBITDA margin, which saw a 4.3 percentage point decrease to 22.7 per cent.

The company’s 4Q net income fell 24.6 per cent YoY to PEN38.9m on the back of lower operating profits and a slight increase in income tax expense.

Full-year 2022
Cementos Pacasmayo’s full-year 2022 revenues increased by 9.2 per cent to PEN2115.7m while sales volumes of cement, concrete and precast declined 5.3 per cent in 2022 when compared with 2021.

The company posted a consolidated EBITDA of PEN493.9m, up 8.8 per cent YoY, supported by increased revenues and a higher operating profit for the first nine months of the year. The company’s consolidated EBITDA margin in 2022 was similar to the one in 2021 at 23.3 per cent.

The increase in sales and operating profit underpinned a 15.4 per cent advance in net income to PEN176.8m.