Empresas Lipigas (LIPIGAS) Q2 2024 earnings summary

Executive summary

• H1 2024 revenue rose 23.9% to M$426,717; EBITDA increased 37.2% to M$73,217, with improvement across Chile, Colombia and Peru.

• H1 earnings after tax rose 109.6% to M$27,774; gas sales volume increased 4.8% to 432,877 LPG-equivalent tons.

• 22.1% of H1 EBITDA and 37% of H1 volume came from outside Chile.

Financial highlights

• Gross profit rose 29.3% to M$135,191; operating income increased 62.0% to M$46,973 and EBITDA grew 37.2% to M$73,217.

• Net profit was M$27,774 versus M$13,253 in H1 2023, reflecting higher operating and non-operating results.

• LTM EBITDA rose 28.4% to M$145,242; LTM operating income was M$93,521, up 46.9%, and LTM earnings after tax was M$52,597, up 45.9%.

• Operating cash flow declined 8.6% to M$60,881 as working-capital needs and higher tax payments offset higher EBITDA.

Segment performance

• Chile EBITDA grew 43% to M$57,006; LPG volume rose 3.8%, LNG 27.6% and network natural gas 11.5%, supported by colder weather and new mining customers.

• Colombia EBITDA rose 21.6% to M$9,190, while equivalent-ton sales volume fell 3.3% following the loss of some high-consumption, low-margin customers.

• Peru EBITDA increased 19.0% to M$7,021; LPG volume rose 3.8% and natural gas volume 14.0%.

• H1 EBITDA mix was Chile 77.9%, Colombia 12.5% and Peru 9.6%; LTM volume reached 888,255 ton-equivalents, up 2.5% YoY.