Cementos Pacasmayo S.A.A. Announces Consolidated Results for Second Quarter 2024
Cementos Pacasmayo S.A.A. (NYSE: CPAC) reported its Q2 2024 and 6M 2024 results. In Q2, revenues increased by 3.4% due to improved sales mix, while sales volume decreased by 5.8%. Consolidated EBITDA rose 6.1% to S/119.5 million, with a margin of 26.1%. Net income decreased by 15.4% to S/ 36.8 million. For 6M 2024, revenues grew 1.3%, despite a 6.5% decrease in sales volume. EBITDA increased 8.1% to S/252.3 million, with a margin of 27.0%. Net income remained stable at S/ 86.3 million. The company benefited from operational efficiencies and lower costs due to its new kiln in Pacasmayo.
Cementos Pacasmayo S.A.A. (NYSE: CPAC) ha riportato i risultati del Q2 2024 e dei primi 6 mesi del 2024. Nel Q2, i ricavi sono aumentati del 3,4% grazie a un miglior mix di vendite, mentre il volume delle vendite è diminuito del 5,8%. L'EBITDA consolidato è aumentato del 6,1% a S/119,5 milioni, con un margine del 26,1%. Il reddito netto è diminuito del 15,4% a S/36,8 milioni. Per i primi 6 mesi del 2024, i ricavi sono cresciuti dell'1,3%, nonostante un calo del 6,5% nel volume delle vendite. L'EBITDA è aumentato dell'8,1% a S/252,3 milioni, con un margine del 27,0%. Il reddito netto è rimasto stabile a S/86,3 milioni. L'azienda ha beneficiato di efficienze operative e di costi inferiori grazie al nuovo forno a Pacasmayo.
Cementos Pacasmayo S.A.A. (NYSE: CPAC) reportó sus resultados del Q2 2024 y del primer semestre de 2024. En el Q2, los ingresos aumentaron un 3,4% gracias a una mejor mezcla de ventas, mientras que el volumen de ventas disminuyó un 5,8%. El EBITDA consolidado subió un 6,1% a S/119,5 millones, con un margen del 26,1%. El ingreso neto disminuyó un 15,4% a S/36,8 millones. Para el primer semestre de 2024, los ingresos crecieron un 1,3%, a pesar de una disminución del 6,5% en el volumen de ventas. El EBITDA aumentó un 8,1% a S/252,3 millones, con un margen del 27,0%. El ingreso neto se mantuvo estable en S/86,3 millones. La empresa se benefició de eficiencias operativas y menores costos gracias a su nuevo horno en Pacasmayo.
Cementos Pacasmayo S.A.A. (NYSE: CPAC)는 2024년 2분기 및 2024년 상반기 결과를 발표했습니다. 2분기 동안 매출이 3.4% 증가했습니다 판매 믹스 개선 덕분에, 반면 판매량은 5.8% 감소했습니다. 통합 EBITDA는 6.1% 증가하여 S/119.5 백만에 달했습니다, 마진은 26.1%입니다. 순이익은 15.4% 감소하여 S/36.8 백만으로 줄었습니다. 2024년 상반기 동안 매출은 1.3% 증가했습니다, 판매량은 6.5% 감소했음에도 불구하고. EBITDA는 8.1% 증가하여 S/252.3 백만에 달했습니다, 마진은 27.0%입니다. 순이익은 S/86.3 백만으로 안정적으로 유지되었습니다. 회사는 Pacasmayo에 새로 설치된 가마 덕분에 운영 효율성과 비용 절감 혜택을 보았습니다.
Cementos Pacasmayo S.A.A. (NYSE: CPAC) a publié ses résultats du Q2 2024 et des 6 premiers mois de 2024. Au Q2, les revenus ont augmenté de 3,4% grâce à un meilleur mix de ventes, tandis que le volume des ventes a diminué de 5,8%. Le EBITDA consolidé a augmenté de 6,1% pour atteindre S/119,5 millions, avec une marge de 26,1%. Le revenu net a diminué de 15,4% pour atteindre S/36,8 millions. Pour les 6 premiers mois de 2024, les revenus ont crû de 1,3%, malgré une diminution de 6,5% du volume des ventes. Le EBITDA a augmenté de 8,1% pour atteindre S/252,3 millions, avec une marge de 27,0%. Le revenu net est resté stable à S/86,3 millions. L'entreprise a bénéficié d'efficacités opérationnelles et de coûts réduits grâce à son nouveau four à Pacasmayo.
Cementos Pacasmayo S.A.A. (NYSE: CPAC) hat die Ergebnisse des Q2 2024 und der ersten 6 Monate 2024 veröffentlicht. Im Q2 stiegen die Einnahmen um 3,4% aufgrund einer verbesserten Verkaufs Mischung, während das Verkaufsvolumen um 5,8% zurückging. Das konsolidierte EBITDA stieg um 6,1% auf S/119,5 Millionen, mit einer Marge von 26,1%. Der Nettogewinn sank um 15,4% auf S/36,8 Millionen. Für die ersten 6 Monate 2024 wuchsen die Einnahmen um 1,3%, trotz eines Rückgangs des Verkaufsvolumens um 6,5%. Das EBITDA erhöhte sich um 8,1% auf S/252,3 Millionen, mit einer Marge von 27,0%. Der Nettogewinn blieb mit S/86,3 Millionen stabil. Das Unternehmen profitierte von operativen Effizienzen und geringeren Kosten durch seinen neuen Ofen in Pacasmayo.
- Revenue increased by 3.4% in Q2 2024 and 1.3% in 6M 2024
- Consolidated EBITDA grew 6.1% in Q2 2024 and 8.1% in 6M 2024
- EBITDA margin improved by 0.7 percentage points in Q2 and 1.7 percentage points in 6M 2024
- Operational efficiencies and lower costs achieved due to new kiln in Pacasmayo
- Increased sales of concrete and precast for Piura airport project
- Sales volume of cement, concrete, and precast decreased by 5.8% in Q2 and 6.5% in 6M 2024
- Net income decreased by 15.4% in Q2 2024
- Contraction in bagged cement demand
- Decreased cement demand from all segments in 6M 2024
Insights
The financial results reported by Cementos Pacasmayo S.A.A. offer mixed implications for investors. Revenue growth of 3.4% in 2Q24, driven by increased sales of concrete and precast, suggests positive demand trends in these segments, likely tied to projects like the Piura airport and public sector investments. However, the 5.8% decline in sales volume for cement, concrete and precast indicates underlying challenges, particularly in the bagged cement market.
On the operational front, the 6.1% increase in EBITDA and margin improvement to 26.1% reflect efficiency gains from the new kiln. These operational efficiencies are particularly important given the competitive nature of the cement industry. However, the significant 15.4% decrease in net income due to a one-off exchange rate gain in 2Q23 shows the impact of non-recurring items on profitability, which can be misleading without deeper analysis.
For the first six months, a 1.3% revenue increase and 8.1% EBITDA growth signal steady operational improvements but highlight ongoing demand pressures in cement. The stable net income year-over-year is a positive sign amidst these challenges, showing resilience in core profitability.
Overall, the company’s ability to maintain margins and improve operational efficiency amid sales volume declines is commendable, though the demand contraction warrants close monitoring.
The results of Cementos Pacasmayo underline certain critical trends within the Peruvian construction sector. The uptick in revenue from concrete and precast sales linked to the Piura airport project and public sector recovery is a significant indicator of governmental investment impacting company performance. Such projects can have a prolonged positive influence on the company’s order book and cash flows.
However, the reported decline in cement demand, especially in the bagged segment, is concerning. This could indicate broader economic issues such as reduced private investment or sluggish construction sector growth. It will be important to monitor whether this trend persists and if the company can pivot towards other revenue-generating activities, such as more integrated service offerings or additional large-scale projects.
The operational efficiencies achieved through the new kiln, which clearly contribute to the enhanced EBITDA margin, suggest that Cementos Pacasmayo is strategically investing in technological advancements. These investments are likely aimed at sustaining long-term profitability despite market fluctuations.
From an investor’s perspective, the focus should be on how well Cementos Pacasmayo can leverage public infrastructure projects to offset weaker private demand and whether operational efficiencies can continue to support profitability.
2Q24 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 2Q23, unless otherwise stated)
-
Revenues increased by
3.4% , mainly due to sales mix, as concrete and precast sales increased because of sales for the Piura airport project and the recovery of public sector investment. -
Sales volume of cement, concrete and precast decreased by
5.8% , mainly due to a contraction in bagged cement demand. -
Consolidated EBITDA increased
6.1% , reaching S/119.5 million, mainly due to the above-mentioned revenue increase, as well as lower costs and operational efficiencies derived from our new kiln in Pacasmayo. -
Consolidated EBITDA margin was
26.1% , a 0.7 percentage point increase. -
Net income was S/ 36.8 million, a
15.4% decrease, mainly due to a one-off exchange rate gain in 2Q23 because of the completion of the Pacasmayo plant improvement project.
6M24 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 6M23, unless otherwise stated)
-
Revenues increased by
1.3% , mainly due to the increased sales of concrete and precast mentioned above. -
Sales volume of cement, concrete and precast decreased by
6.5% , mainly due to decreased cement demand from all segments. -
Consolidated EBITDA increased
8.1% , reaching S/252.3 million, mainly due to lower costs and operational efficiencies by using our new and more efficient kiln and discontinuing the use of imported clinker. -
Consolidated EBITDA margin was
27.0% , a 1.7 percentage point increase. - Net income was S/ 86.3 million similar to the previous year.
For a full version of Cementos Pacasmayo’s Second Quarter 2024 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Tuesday, July 23, 2024, to discuss these results at 9:30 a.m. Lima Time and 10:30 am Eastern Time.
To access the call, please dial:
+1 (718) 866-4614 from within the
Access code: 505256
There will also be a live Audio Webcast of the event at:
https://mm.closir.com/slides?id=505256
You can also find additional dial-in numbers depending on your current location in the above link.
About Cementos Pacasmayo S.A.A.
Cementos Pacasmayo S.A.A. is a cement company, located in the Northern region of
View source version on businesswire.com: https://www.businesswire.com/news/home/20240722150671/en/
Cementos Pacasmayo S.A.A.
In
Manuel Ferreyros, CFO
Claudia Bustamante
Investor Relations Manager
+51-958699760
cbustamante@cpsaa.com.pe
Source: Cementos Pacasmayo S.A.A.
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