Cementos Bio Bio reports sees 2Q profit surge

Chile-based Cementos Bio Bio SA (CBB) reported sales of CLP84.283bn (US$92.2m) in the second quarter of 2024, up 2.1 per cent from CLP82.569bn in the year-ago period.

Profit before tax increased to CLP7.409bn in the 2Q24 from CLP2.003bn in the 2Q23. The company’s net income in the 2Q24 advanced to CLP6.519bn in the 2Q24 from CLP2.656bn in the 2Q23.

Basic earnings per share from continuing operations was CLP25, up from CLP10 in the equivalent period of 2023.

First half 2024
In the first six months of 2024, CBB saw a 67.6 per cent increase in sales to CLP182.259bn from CLP170.721bn in the 6M23.

Profit before tax surged to CLP22.636m in the 2Q24 from CLP8.695bn in the 2Q24. Net income in the 6M24 improved to CLP17.499bn when compared with CLP7.395bn in the year-ago period. The higher profit has been attributed to higher income from operating activities, lower financial costs and positive exchange rate differences. However, these were partially offset by an increase in the cost of sales, distribution costs, administration and income tax expenses.

Basic earnings per share increased to CLP66 in the 6M24 from CLP28 in the 6M23.