Cementos Pacasmayo S.A.A. Announces Consolidated Results For Fourth Quarter 2022

Rhea-AI Summary

Cementos Pacasmayo S.A.A. (NYSE: CPAC) released its 4Q22 and 2022 financial results, reporting a 1.7% increase in revenues driven by higher bagged cement prices. However, sales volume of cement, concrete, and precast dropped by 7.7% in 4Q22 due to slowdowns and roadblock issues. EBITDA fell 14.5% to S/121 million, while net income declined by 24.6% to S/38.9 million. For the full year 2022, revenues rose by 9.2% and net income grew 15.4% to S/176.8 million. The company was recognized in the Sustainability Yearbook 2023 by S&P for its ESG performance.

Positive

• Revenues increased 9.2% in 2022.
• Net income for 2022 rose 15.4% to S/176.8 million.
• Sustainability Yearbook 2023 includes the company for the third consecutive year.

Negative

• 4Q22 revenues up only 1.7%, indicating slowed growth.
• Sales volume decreased 7.7% in 4Q22.
• EBITDA fell 14.5% to S/121 million in 4Q22.
• Net income in 4Q22 dropped 24.6% to S/38.9 million.

LIMA, Peru--(BUSINESS WIRE)-- Cementos Pacasmayo S.A.A. and subsidiaries (NYSE: CPAC; BVL: CPACASC1) (“the Company” or “Pacasmayo”) a leading cement company serving the Peruvian construction industry, announced today its consolidated results for the fourth quarter (“4Q22”) and the full year (“2022”) ended December 31, 2022. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).

4Q22 FINANCIAL AND OPERATIONAL HIGHLIGHTS:

(All comparisons are to 4Q21, unless otherwise stated)

• Revenues increased 1.7%, mainly due to an increase in average prices of bagged cement, as inflationary pressures have affected our costs of raw materials and energy.
• Sales volume of cement, concrete and precast decreased 7.7%, mainly due to a moderation in sales volume from the peak levels reached last year, as well as the slowdown related to some blocked roads during December.
• Consolidated EBITDA of S/121.0 million, a 14.5% decrease, mainly due to non-recurrent expenses. Despite this increase, this quarter’s EBITDA is similar to the one achieved in previous quarters.
• Consolidated EBITDA margin of 22.7%, a 4.3 percentage point decrease.
• Net income of S/ 38.9 million, a 24.6% decrease mainly due to decreased operating profit as mentioned above, as well as a slight increase in income tax expense.
• The Sustainability Yearbook 2023 - We are honored to have been included in the Yearbook by S&P, for the third consecutive year. This Yearbook incorporates companies that score in the top 15% of their industry globally and have a gap of less than 30% from the leader's Global ESG score.

2022 FINANCIAL AND OPERATIONAL HIGHLIGHTS:

(All comparisons are to 2021, unless otherwise stated)

• Revenues increased 9.2%, mainly due to the above-mentioned reasons.
• Sales volume of cement, concrete and precast decreased 5.3%, mainly due to the moderation in sales volume mentioned above.
• Consolidated EBITDA of S/ 493.9 million, an 8.8% increase, mainly due to increased revenues this year, as well as higher operating profit for the first nine months of the year since we were able to optimize our cost structure to improve profitability.
• Consolidated EBITDA margin of 23.3%, similar to 2021.
• Net income of S/ 176.8 million, a 15.4% increase mainly due to increased sales and operating profit as mentioned above.

For a full version of Cementos Pacasmayo’s Fourth Quarter 2022 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes

CONFERENCE CALL INFORMATION:

Cementos Pacasmayo will host a conference call on Wednesday, February 15, 2023, to discuss these results at 09:30 a.m. Eastern and Lima Time.

To access the call, please dial:

(888)-506-0062 from within the U.S.

+1 (973) 528-0011 from outside the U.S.

Access code: 113189

There will also be a live Audio Webcast of the event at:

https://www.webcaster4.com/Webcast/Page/1644/47461

About Cementos Pacasmayo S.A.A.

Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of Peru. In February 2012, the Company’s shares were listed on The New York Stock Exchange - Euronext under the ticker symbol "CPAC". With more than 65 years of operating history, the Company produces, distributes and sells cement and cement-related materials, such as concrete blocks and ready-mix concrete. Pacasmayo’s products are primarily used in construction, which has been one of the fastest-growing segments of the Peruvian economy in recent years. The Company also produces and sells quicklime for use in mining operations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230214005909/en/

Cementos Pacasmayo S.A.A.

In Lima, Peru:

Manuel Ferreyros, CFO

Claudia Bustamante

Investor Relations Manager

+51-958699760

cbustamante@cpsaa.com.pe

Source: Cementos Pacasmayo S.A.A.

FAQ

What were Cementos Pacasmayo's revenues for 4Q22?

Cementos Pacasmayo reported a revenue increase of 1.7% in 4Q22.

What caused the sales volume decrease in 4Q22 for CPAC?

The sales volume decreased by 7.7% due to a moderation from peak levels and roadblock issues.

How did the net income for CPAC change in 4Q22?

Net income for 4Q22 decreased by 24.6% to S/38.9 million.

What is the EBITDA margin for Cementos Pacasmayo in 4Q22?

The consolidated EBITDA margin for 4Q22 was 22.7%, a decrease of 4.3 percentage points.

What recognition did Cementos Pacasmayo receive in 2023?

The company was included in the Sustainability Yearbook 2023 by S&P for its ESG performance.