The cement group increased its revenue by 7.5% compared to 2023. Operating efficiencies at UNACEM Peru and the addition of Tehachapi Cement in the US drove growth.
The UNACEM cement group achieved an Ebitda of S/ 1,660 million (US$ 451 million) during 2024.
In the fourth quarter of that same year, consolidated revenues of S/ 1,794 million (US$ 488 million) and an EBITDA of S/ 434 million (US$ 118 million) stood out.
This increase of 8.2% and 13.0% respectively, is mainly due to the incorporation of the Tehachapi Cement (USA) operation, coupled with the performance of the energy platform with higher volumes and average prices during the quarter. Volumes in Ecuador and Chile also showed improvements.
“Our California operations achieved their best quarter to date, both in volumes and EBITDA results. They contributed 169,782 MT, an increase of 3.9% compared to the previous quarter, and an EBITDA of US$ 5.1 million, representing 44.4% of UNACEM North America’s total EBITDA,” said Pedro Lerner, Corporate CEO.
In addition, the Group reported that its subsidiary UNICON was recognized as Best in Class Supplier, for the Chancay Megaport, one of the flagship infrastructure projects for 2024.
The main fixed asset investments in 2024 were related to the roofing of the clinker pits and the dedusting system of kiln 3 at UNACEM Peru, improvements to the mill at Drake Cement in Arizona, the acquisition of fixed assets for the production of ready-mixed concrete in the USA, the acquisition of mixer trucks at UNICON Peru and the optimization project for kiln 1 at UNACEM Ecuador.
Consolidated EBITDA for the last quarter was S/ 434 million soles (US$ 118 million), 13.0% higher than the EBITDA for the same period last year, which was S/ 384 million (US$ 104 million). Similarly, the EBITDA margin was 24.2% versus 23.1% in 2023.
This improvement in profitability is due to greater operational efficiencies in cement in Peru, together with better EBITDA margins in energy, which reached 38.8% in the fourth quarter compared to 16% in the same quarter of 2023.
RESULTS BY BUSINESS UNITS AND COUNTRIES:
In Peru, cement shipments in Peru reached 1.4 million tons in the last quarter of 2024, representing a decrease of 0.7% compared to the fourth quarter of 2023.
Meanwhile, cumulative shipments for the year totaled 5.7 million tons, a 2.7% reduction compared to 2023.
Despite this decline, volumes remain high, even compared to pre-pandemic levels, when 5.3 million tonnes were recorded in 2019.
Celepsa's quarterly results, considering hydroelectric and thermal generation, recorded a total volume sold of 1,053 GWh, compared to 974 GWh in 2023, with an EBITDA of S/. 89.9 million (US$ 24.4 million).
The addition of Termochilca to our portfolio continues to demonstrate our investment and growth strategy in this business.
UNACEM Ecuador's revenues in the last quarter of 2024 reached US$ 45 million, including the operation of ready-mixed concrete, which represents 15.6% more than the same period in 2023.
The cement business recorded a shipment volume of 300 thousand tons, 3.3% higher than the last three months of 2023.
EBITDA for the period was US$9.1 million, 54.7% higher than the fourth quarter of 2023, driven mainly by energy efficiencies that contributed to reducing variable costs.
During the fourth quarter of 2024, the Group reported that UNACEM North America obtained cement shipment volumes of 304 thousand tons, a 29.1% increase compared to the aforementioned period in 2023.
This growth was partially explained by the incorporation of Tehachapi Cement, which operated throughout 2024 compared to two months of operation in 2023, following its acquisition.
"Our strong results during this quarter and the year demonstrate the resilience and consistency of our performance, even in the face of a challenging economic environment. Despite market volatility and adverse external factors, we have remained focused on operational efficiency, strategic investments and disciplined financial management, strengthening our position in key markets," said Álvaro Morales, Corporate Vice President of Finance for UNACEM Group.
