Cementos Pacasmayo S.A.A. Announces Consolidated Results for Second Quarter 2021

Rhea-AI Summary

Cementos Pacasmayo S.A.A. (NYSE: CPAC) reported significant growth in its 2Q21 and 6M21 results, primarily driven by a remarkable recovery from the commercial halt in 2Q20. Sales volume surged by 257.2% in 2Q21 and 124.1% in 6M21. Correspondingly, revenues soared by 285.7% and 119.0%, respectively. Consolidated EBITDA increased to S/90 million for 2Q21 and S/195.2 million for 6M21, indicating strong profitability. Net income also rose to S/27.7 million for the quarter and S/59.5 million for the half-year.

Positive

• Sales volume increased by 257.2% in 2Q21 due to rising demand in self-construction and public sector projects.
• Revenues surged by 285.7% in 2Q21, showcasing a robust recovery from 2Q20's commercial halt.
• Consolidated EBITDA reached S/90 million in 2Q21, reflecting strong profitability.
• Net income rose to S/27.7 million in 2Q21, driven by increased sales.

Negative

• None.

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 second quarter (“2Q21”) and the six months (6M21) ended June 30, 2021. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).

2Q21 Financial and Operational Highlights:

(All comparisons are to 2Q20, unless otherwise stated)

• Sales volume of cement, concrete and precast increased 257.2% mainly due to the continued increase in sales of bagged cement, to the self-construction segment and to the public sector for reconstruction related projects, and to the halt in commercialization experience during 2Q20. If we compare volume to 2Q19, which did not have any external effects, the increase is 41.8%.
• Revenues increased 285.7%, mainly due to the continued increase in sales and to the halt in commercialization during 2Q20 mentioned above. When compared to 2Q19, revenues increased 37.0%.
• Consolidated EBITDA of S/90.0 million, an increase due to negative EBITDA during 2Q20 mainly due to the halt in sales of cement mentioned above, as well as the fixed costs derived from the halt in production during said quarter, as well as higher sales during 2Q21.
• Net income of S/ 27.7 million, an increase mainly due to the halt in commercialization mentioned above, as well as increased sales during this quarter.

6M21 Financial and Operational Highlights:

(All comparisons are to 6M20, unless otherwise stated)

• Sales volume of cement, concrete and precast increased 124.1% mainly due to the continued increase in sales of bagged cement, to the self-construction segment and to the public sector for reconstruction related projects, and to the halt in commercialization experience during 2Q20.
• Revenues increased 119.0%, mainly due to the continued increase in sales and to the halt in commercialization during 2Q20 mentioned above.
• Consolidated EBITDA of S/195.2 million, a 193.1% increase due to the halt in sales of cement and the increase in fixed costs mentioned above.
• Net income of S/ 59.5 million, an increase mainly due the loss during 6M20 because of the halt in commercialization mentioned above, as well as increased sales during this quarter.

For a full version of Cementos Pacasmayo’s Second Quarter 2021 Earnings Release, please visit http://cementospacasmayo.com.pe.

CONFERENCE CALL INFORMATION:

Cementos Pacasmayo will host a conference call on Tuesday, July 19, 2021, to discuss these results at 10:30 a.m. Eastern Time / 09:30 a.m. Lima Time.

To access the call, please dial:

(844) 369-8770 (From within the U.S.)

+1 862-298-0840 (From outside the U.S.)

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

https://www.webcaster4.com/Webcast/Page/1644/41907

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 60 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/20210719005839/en/

FAQ

What were Cementos Pacasmayo's financial highlights for 2Q21?

In 2Q21, Cementos Pacasmayo reported a sales volume increase of 257.2%, revenues up by 285.7%, EBITDA of S/90 million, and net income of S/27.7 million.

How did Cementos Pacasmayo perform in the first half of 2021?

For 6M21, Cementos Pacasmayo achieved a sales volume increase of 124.1%, revenues up by 119.0%, EBITDA of S/195.2 million, and net income of S/59.5 million.

What is the reason behind the revenue increase for Cementos Pacasmayo in 2021?

Revenue increases were mainly due to heightened sales driven by self-construction projects and a recovery from the previous year's commercial halt.

When will Cementos Pacasmayo hold its conference call to discuss 2Q21 results?

Cementos Pacasmayo will host a conference call on July 19, 2021, at 10:30 a.m. Eastern Time.