Cementos Pacasmayo sees 25% increase in 3Q revenues

Peru-based Cementos Pacasmayo has reported a 24.5 per cent YoY increase in revenues to PEN507.2m (US$127m) in the 3Q21, on the back of higher sales volumes of cement, concrete and precast, and an increase in cement and concrete prices, in line with cost inflation.

The total sales volume of cement, concrete and precast saw a 14.4 per cent YoY uptick to 937,700t with bagged cement as the largest driver for growth.

However, consolidated EBITDA slipped 2.7 per cent YoY to PEN117.3m, mainly due to the use of imported clinker needed to sustain record cement sales. As a result, the consolidated EBITDA margin fell by 6.5 percentage points to 23.1 per cent YoY. Although, compared with the 2Q21, an improvement of 2.7 percentage points was noted.

Net income declined 6.9 per cent YoY to PEN42.1m as operating income fell due to higher costs. Compared with the 2Q21, there was a 52 per cent improvement as revenues and operating costs were up.

January-September 2021
In the 9M21 sales were up 72.1 per cent YoY to PEN1.413bn, supported by increased demand from the self-construction segment and some infrastructure projects related to the reconstruction of Peru's northern region.

Profit for the period increased significantly in the 9M21 to PEN101.6m, as a result of higher revenues and  a low comparative base in 2020.

The company has also decided to invest US$70m to produce an additional 0.6Mta of cement at its Pacasmayo plant.