Cementos Pacasmayo reports stable net profit in 1H24

Peru-based Cementos Pacasmayo SAA reported a 3.4 per cent uptick in income to PEN457.1m in the second quarter of 2024 from PEN442m in the 2Q23, supported by the sales mix as concrete and prefabricated sales increased due to the Piura airport project and the recovery of public investment. However, a contraction in the demand for bagged cement saw total sales volumes decrease by 5.8 per cent.

Of total sales, cement represented a sales value of PEN369.6m in the 2Q24, down from PEN383.5m in the year-ago quarter. Concrete, pavement and mortar sales increased to PEN62.5m in the 2Q24 from PEN32.7m in the 2Q23. Precast sales improved to PEN7.4m in the 2Q24 when compared with PEN4.4m in the year-ago period.

Consolidated EBITDA increased by 6.1 per cent YoY to PEN119.5m from PEN112.6m as the company enjoyed lower costs and improved operational efficiency thanks to its new kiln in Pacasmayo. The consolidated EBITDA margin was 26.1 per cent, up 0.7 per cent points.

Net profit was PEN36.8m, down 15.4 per cent YoY, mainly as a result of a non-recurring exchange rate gain following the completion of Pacasmayo plant improvements.

January-June 2024
Cementos Pacasmayo reported an income of PEN933.6m in the first half of 2024, up 1.3 per cent when compared with PEN922m in the 1H23. A decreased demand from all segments drove down the total sales by 6.5 per cent.

Consolidated EBITDA increased 8.1 per cent YoY to PEN252.3m in the 1H24 from PEN233.4m in the 1H23. Consolidated EBITDA margin advanced 1.7 percentage point to 27 per cent. The company attributed the improvement to the new kiln and discontinuing the imports of clinker.

Net profit in the January-June 2024 period remained stable at PEN86.3m, showing little change from PEN86.9m in the 1H23.