Empresas Lipigas (LIPIGAS) Q4 2024 earnings summary

Executive summary

• FY24 EBITDA rose 23.9% to M$155,300; profit after tax increased 65.6% to M$63,052, with growth across Chile, Colombia and Peru.

• Sales volume reached 893,025 LPG-equivalent tons, up 2.8% YoY; natural gas accounted for 16.4% of volume.

Financial highlights

• Revenue increased 20.3% to M$889,617, reflecting higher volumes, international oil byproduct prices and stronger Peruvian sol and Colombian peso against the Chilean peso.

• Gross earnings rose 18.4% to M$284,898; operating income increased 34.7% to M$101,741.

• Profit after tax rose M$24,977 to M$63,052; attributable profit for owners was M$62,000.

• Net income growth was supported by higher EBITDA, volumes, unit margin, expense efficiency, positive inventory effects and stronger natural gas results; higher depreciation and income taxes partly offset the gain.

Segment performance

• Chile EBITDA rose 27% to M$121,803, supported by higher LPG and LNG volumes and margins, and expense efficiency.

• Colombia EBITDA increased 14% to M$18,641; higher unit gross margin and currency revaluation partly offset lower volumes and higher expenses.

• Peru EBITDA increased 11% to M$14,855, driven by higher gross margin, 2.0% volume growth and currency revaluation.

• EBITDA mix was Chile 78%, Colombia 12% and Peru 10%; markets outside Chile contributed 22% of EBITDA and 37% of volume.

• Sales volume grew at a 2.45% CAGR from 2019 to 2024; 4Q24 EBITDA generation rose 6.9% YoY, with quarterly results seasonally weighted to Chile’s winter.