Cementos Pacasmayo sees 9% drop in 2Q net profit

Peru-based Cementos Pacasmayo reported a 12.1 per cent YoY drop in revenues to PEN442m (US$123.4m) in the second quarter of 2023, due to a drop in demand, which was affected by severe rainfall due to cyclone Yaku and a stagnation in public investment as a result of new regional authorities. Sales volumes of cement, concrete and precast fell by 17.9 per cent YoY.

The company achieved consolidated EBITDA of PEN112.7m, down 6.5 per cent YoY, due to reduced revenues. However, it saw a consolidated EBITDA margin of 25.5 per cent, up 1.5 percentage points, supported by a decrease in production costs as it stopped importing clinker.

Net profit in the 2Q23 declined by 9.4 per cent to PEN43.5m.

First half of 2023
In the first half of 2023 the company’s revenues fell by 10.3 per cent YoY to PEN1421.3m due to the previously-mentioned factors as well as a result of social conflict and low levels of private investment.

Sales volumes of cement, concrete and precast decreased by 17.1 per cent YoY.

Cementos Pacasmayo saw a 5.9 per cent decrease in consolidated EBITDA, which declined to PEN233.4m, but its consolidated EBITDA margin advanced by 1.2 percentage points to 25.3 per cent.

Net profit in the 6M23 fell by 7.2 per cent YoY to PEN87.0m.