Empresas Lipigas (LIPIGAS) Q3 2024 earnings summary

Executive summary

• 9M EBITDA rose 29.5% YoY to M$121,777, supported by higher volumes, margins and results in Chile, Colombia and Peru.

• LTM EBITDA reached CLP 153,140MM at September 2024, up 32% YoY; LTM operating result was CLP 100,592MM and net income CLP 58,403MM.

• Colombia and Peru contributed 20.4% of 9M EBITDA; 36% of sales volume came from outside Chile.

Financial highlights

• Revenue rose 23.5% YoY to M$677,199; gross earnings increased 24.1% to M$219,508, reflecting higher prices, volumes and favorable currency revaluation.

• Operating income increased 43.8% YoY to M$82,186, supported by higher gross margin across all countries, cost efficiencies and positive inventory effects.

• 9M net income was M$51,263, up 65.7% YoY; profit attributable to owners was M$50,595, up 66.8%.

• LTM EBITDA was CLP 153,140MM versus CLP 120,385MM at September 2023; LTM assets were CLP 773,222MM.

• ROIC reached 20.7%, up 8.2pp YoY; the earnings bridge included a M$27,768 EBITDA increase and M$2,424 improvement in non-operating results.

Outlook and guidance

• Two new LNG refueling stations in Chile and one in Peru, plus Chile’s first BioLNG production project, were planned for H1 2025; BioLNG commercialization was expected in Q1 2025.