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 third quarter (“3Q21”) and the nine months (“9M21”) ended September 30, 2021. These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).
3Q21 Financial and Operational Highlights:
(All comparisons are to 3Q20, unless otherwise stated)
- Sales volume of cement, concrete and precast increased 14.4%, continuing the positive trend from previous quarters. Bagged cement continues to be the biggest driver for growth, but concrete volumes performed very well this quarter as well.
- Revenues increased 24.5% primarily due to the increase in the sales volume of cement, concrete and precast, and to an increase in cement and concrete prices, in line with cost inflation.
- Consolidated EBITDA of S/ 117.3 million, a slight decrease, mainly due to the use of imported clinker needed to sustain the record levels of cement sales.
- Consolidated EBITDA margin of 23.1% a 6.5 percentage points decrease mainly due to the use of imported clinker mentioned above. If we compare to 2Q21, since we were already using imported clinker then, there is an improvement of 2.7 percentage points.
- Net income of S/ 42.1 million, a 6.9% decrease mainly due to lower operating income because of the cost increases mentioned above. However, if we compare to 2Q21, there is a significant improvement of 52%, mainly due to higher revenues and operating profit.
- Pacasmayo plant expansion – due to the significant increase in demand, and In line with our client centered vision, the Company has decided to invest US$ 70 million to produce an additional 600 thousand MT of cement per year in its Pacasmayo plant. This once more ratifies our commitment and confidence in the development of the country.
9M21 Financial and Operational Highlights:
(All comparisons are to 9M20, unless otherwise stated)
- Sales volume of cement, concrete and precast increased 49% mainly due to a significant recovery in demand after the halt in production and commercialization during 2Q20.
- Revenues increased 72.1%, primarily due the increased demand during 2021 and the halt in production during 2020 mentioned above.
- Consolidated EBITDA of S/ 312.4 million; a 66.9% increase, primarily due to increased revenues during 2021, and higher costs due to the halt in production during 2020.
- Consolidated EBITDA margin of 22.1%, 0.7 percentage points lower, mainly due to the use of imported clinker because of the significant increase in demand.
- Net income of S/ 101.6 million, an increase over 100% mainly due to higher sales and a low comparative base because of a net loss during 2Q20 for the above-mentioned halt in production and commercialization.
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 Wednesday, October 27, 2021, to discuss these results at 10:30 a.m. Eastern Time / 09:30 a.m. 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.)
There will also be a live Audio Webcast of the event at:
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.
Cementos Pacasmayo S.A.A.
In Lima, Peru:
Manuel Ferreyros, CFO
Investor Relations Manager