Votorantim shows strong regional performance in Europe, Asia and Africa

Votorantim Cimentos reports positive results in the 2Q24 for its operations particularly in Europe, Asia and Africa but also in North America.
 
In Brazil Votorantim Cimentos’ net revenue in the 2Q24 was BRL3.2bn (US$583.1m), flat compared to the same period in 2023. Adjusted EBITDA reached BRL566m in 2Q24, stable compared to the 2Q23, due to a positive trend in new businesses and an improvement in variable costs.

In North America net revenue reached BRL2.2bn in the 2Q24, a decrease of 13 per cent compared to the 2Q23, excluding the exchange variation, mainly impacted by the slowdown in demand, which was partially mitigated by the increase in prices at the beginning of the year. “The adjusted EBITDA result in the region was BRL613m, compared to BRL647m in the same period of the previous year. The drop in operating results is due to lower volumes, and higher variable costs from raw materials, mitigated, for the most part, by the increase in prices and better operational efficiency,” said Votorantim.   

In Europe, Asia and Africa, net revenue was BRL1.3bn, an increase of 22 per cent in the 2Q24 compared to the 2Q23, excluding exchange rate variations, due to higher volumes in all cluster countries and positive price management. The region's adjusted EBITDA was BRL362m, an increase of 19 per cent compared to the 2Q23 in local currency. The positive operating result was due to the market dynamics and lower variable costs. 

In Latin America revenue grew two per cent in the 2Q24 compared to the same period in 2023 in local currency, due to better volumes in Bolivia. The region ended the 2Q24 with BRL29m in adjusted EBITDA, 25 per cent lower than the 2Q23, excluding the exchange rate variation effect, mainly due to the challenging market dynamics in Uruguay and maintenance timing.