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Grupo UNACEM reached S/. 1,658 million in consolidated revenues in the fourth quarter of 2023

  • Revenues increased 3.3% compared to the same period of the previous year, mainly due to the incorporation of Termochilca and Tehachapi to the group’s portfolio.

In its recent presentation of Financial Statements to investors, Grupo UNACEM revealed the results achieved during the fourth quarter of 2023, highlighting the S/. 1,658 million in consolidated revenues. The company increased by 3.3% compared to the same period of the previous year, mainly due to the incorporation of Termochilca and Tehachapi to the portfolio, as well as the increase in sales in Peru and the US with better average prices and higher energy sales.

In this regard, Alvaro Morales, Corporate Vice President of Grupo UNACEM, stated during the conference that “for the full year, consolidated revenues increased 6.6% compared to 2022; this increase is explained by the incorporation of Termochilca and Tehachapi, a strong US market, and better prices in Peru, as well as slightly higher results from our ready-mix business in Peru and the US.”

Consolidated CAPEX and the execution of investment projects, aligned with the sustainability strategy, amounted to S/. 500 million at the end of December 2023, 18.8% higher than the same period of 2022. The main investments were focused on new packaging machines and improvements in UNACEM Peru’s production ovens; the integral mill project in Drake Cement and new machinery for aggregates and concrete in the USA; as well as the optimization project of oven 1 to increase production in UNACEM Ecuador; among others.

Consolidated EBITDA for the quarter was S/ 381 million. Although this was 1.3% lower than that achieved in the same period of 2022, it was mainly due to a higher unit cost of sales in the cement units, due to the lower production that generated a loss of economies of scale and higher raw material costs; higher administrative expenses associated with the recent acquisition of Tehachapi; and consultancies as part of the deployment of transversal projects, aligned to the Strategic Agenda of the Grupo UNACEM.

In terms of projections, Pedro Lerner, CEO of Grupo UNACEM, reiterated at the conference his optimism for 2024, “because, despite being conservative about the macroeconomic environment in several of our markets, we see that investment in infrastructure is beginning to increase and our efficiencies and strategic initiatives are bearing fruit. These, together with our inorganic expansion, should generate consolidated EBITDA growth in the low single digits.”

Results of its business units and by country:

Regarding the results corresponding to the fourth quarter of 2023 for each country where Grupo UNACEM operates, in Peru, the energy business unit at the consolidated level stood out, reaching an EBITDA of S/ 30.1 million, 73.6% higher than 4Q2022, mainly due to the incorporation of Termochilca to the portfolio in May 2023.

Furthermore, in Peru, the increase in total revenues in UNICON Peru and Concremax, achieving S/ 395.1 million and an EBITDA of S/ 27.8 million. These were boosted by the attention to large infrastructure works such as Line 2 of the Lima Metro, the port of Chancay, the new terminal of Jorge Chávez airport, among others.

Meanwhile, the Group reported that in UNACEM Ecuador during the fourth quarter it achieved total revenues of US$38.9 million, including the ready-mix concrete operation. Consolidated EBITDA was USD 8.0 million, impacted mainly by the domestic market environment and political instability.

In the U.S., through Skanon, the company achieved cement shipment volumes in the quarter of 235 thousand metric tons, 56.0% higher than what was reported in 2022, growth that is partially explained by the incorporation of Tehachapi in November 2023, with 80 thousand metric tons of cement coming from this plant. In addition, higher average prices allowed the U.S. operations to achieve revenues of USD85.2 million, 30.7% higher than 4Q2022.

In the case of UNACEM Chile, cement shipments totaled 121 thousand metric tons, 0.5% higher than 4Q23, and 7.0% higher than the same period of the previous year. UNICON Chile reported ready-mix concrete shipments of 191 thousand m3.