Argentina’s Loma Negra has reported a two per cent YoY increase in revenue in the 4Q22 to ARS36,763m (US$215m), mainly driven by a strong performance in the concrete and aggregates segments, which helped offset a fall in cement sales. Adjusted EBITDA came in at ARS13,173m, up 5.4 per cent YoY in adjusted pesos, or up 42.7 per cent in dollars at US$91m. Net profit over the quarter stood at ARS7452m, boosted by the sale of non-strategic property, according to the company.
For the full year 2022, revenue is up 1.1 per cent YoY at ARS145,133m, with adjusted EBITDA falling 3.8 per cent in adjusted pesos to ARS43,345m, or up 34.3 per cent YoY in dollars to US$289m. The adjusted EBITDA margin contracted 152 basis points over the year to 29.9 per cent. Net income came in at ARS1807m, down 85.4 per cent YoY.
Commenting on the results, Sergio Faifman, CEO, Loma Negra, said, “2022 was a year of many challenges and opportunities. The favorable evolution of the GDP during the year and the great performance of the construction activity gave a strong boost to the cement demand, with shipments that were very close to exceeding 13Mta, allowing the industry to widely surpass the record reached in 2015. Within this framework, leveraged on our productive capacity and our focus on always pursuing improvements in our results, Loma closed the year with extraordinary results, achieving not only a record in tons shipped but also in EBITDA generation, reaching US$289m.”
