Chilean cement producer Cemento Melón, owned by the Peru-based Brescia group, posted revenues of CLP249.794bn (US$264.9m), up 3.3 per cent YoY, in 2024. The increase was supported by prices in the concrete and retail channels, recovering the margin drop in central Chile.
However, EBITDA saw a 40 per cent fall YoY to CLP14.843bn as margins and cement sales volumes decreased and combined with higher maintenance costs at the company's cement plants, the completion of special mining projects and the environmental tax in the cement business. In addition, higher exchange rates and extraordinary income in 2023 from the advance recovery of the insurance for the Ventanas grinding accident – partially offset by the cost and expense optimisation plan, were also quoted as the reasons for the disappointing EBITDA trend.
“During 2024, the construction market has continued to contract as in recent years. This lower investment in construction continues to be affected by a high interest rate by the Central Bank to contain inflation, the long terms for obtaining permits, added to internal political uncertainty, has continued to impact investment decisions,” highlighted Melón.
Segment breakdown
In 2024 cement shipments slipped by 3.6 per cent YoY to 1.044Mt while concrete sales volumes were down 0.4 per cent to 1.752Mm3. In aggregates volumes edged up by one per cent to 1.553Mm3 when compared with 2023.
