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 (“2Q23”) and the first six months of the year (“6M23”). These results have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are stated in nominal Peruvian Soles (S/).
2Q23 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 2Q22, unless otherwise stated)
- Revenues decreased by 12.1%, mainly due to decreased demand, particularly in April, in the aftermath of severe rainfall in our area of influence, which affected the self-construction segment, as well as a stagnation in public investment.
- Sales volume of cement, concrete and precast decreased by 17.9%, mainly due to the above-mentioned reasons.
- Consolidated EBITDA margin of 25.5%, a 1.5 percentage point increase, mainly due to decreased costs as we stopped using imported clinker.
- Consolidated EBITDA of S/112.7 million, a 6.5% decrease, mainly due to decreased revenues, partially offset by lower costs.
- Net income of S/ 43.5 million, a 9.4% decrease mainly due to decreased revenues as mentioned above.
6M23 FINANCIAL AND OPERATIONAL HIGHLIGHTS:
(All comparisons are to 6M22, unless otherwise stated)
- Revenues decreased by 10.3%, mainly due to the impact of cyclone Yaku, causing severe rainfall in our area of influence, as well as low levels of public investment as new regional authorities are still settling in. The negative impact of roadblocks, as a result of social conflict, as well as the low levels of private investment also affected our revenues.
- Sales volume of cement, concrete and precast decreased by 17.1%, mainly due to the above mentioned reasons.
- Consolidated EBITDA margin of 25.3%, a 1.2 percentage point increase, mainly due to decreased costs as mentioned above.
- Consolidated EBITDA of S/233.4 million, a 5.9% decrease, mainly due to decreased revenues.
- Net income of S/ 87.0 million, a 7.2% decrease, in line with lower revenues as mentioned above.
For a full version of Cementos Pacasmayo’s Second Quarter 2023 Earnings Release, please visit https://www.cementospacasmayo.com.pe/inversionistas/reportes
CONFERENCE CALL INFORMATION:
Cementos Pacasmayo will host a conference call on Friday, July 21, 2023, to discuss these results at 8:30 a.m. Lima Time and 09:30 am Eastern 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: 644099
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