Holcim (Argentina) (HARG) Q3 2023 earnings summary

Executive summary

• 9M 2023 net sales were ARS 119.542bn and net income ARS 14.769bn, both lower than the inflation-adjusted prior-year comparison; operating income fell to ARS 16.867bn.

• Results include Quitam S.A. from its April 28 acquisition; it added paints and liquid membranes to the portfolio.

Financial highlights

• 9M net sales were ARS 119.542bn vs ARS 124.489bn; gross profit was ARS 43.998bn vs ARS 51.182bn.

• 9M operating income was ARS 16.867bn vs ARS 23.511bn; net income was ARS 14.769bn vs ARS 22.793bn.

• Q3 net sales were ARS 42.408bn vs ARS 46.328bn; operating income was ARS 4.548bn vs ARS 12.355bn, and net income was ARS 1.967bn vs ARS 11.156bn.

• 9M financial position monetary gain was ARS 8.059bn; financial income was ARS 11.707bn and financial expense ARS 9.453bn.

Segment performance

• Cement sales were ARS 108.727bn in 9M; aggregates ARS 2.204bn, ready-mix concrete ARS 4.486bn, and other products and services ARS 3.111bn.

• Segment operating results: Cement-AFR ARS 16.221bn, aggregates ARS 596m, concrete ARS 906m and other products and services ARS 189m; corporate and eliminations brought total to ARS 16.867bn.