Holcim (Argentina) (HARG) Q3 2024 earnings summary

Executive summary

• 9M 2024 revenue and net income declined YoY in inflation-restated pesos; 9M net income was ARS 26,145 million versus ARS 45,638 million.

• The period included the May acquisition of 100% of Tensolite S.A.; its results are consolidated from the acquisition date.

Financial highlights

• 9M revenue was ARS 277,245 million versus ARS 369,385 million; Q3 revenue was ARS 101,782 million versus ARS 131,042 million.

• 9M gross profit was ARS 74,801 million versus ARS 135,954 million; Q3 gross profit was ARS 20,784 million versus ARS 43,818 million.

• 9M net income was ARS 26,145 million versus ARS 45,638 million; Q3 net income was ARS 5,330 million versus ARS 6,080 million.

• 9M profit before tax was ARS 35,541 million versus ARS 83,986 million; net monetary position gain was ARS 60,334 million versus ARS 24,903 million.

Segment performance

• 9M Cement-AFR third-party sales were ARS 239,397 million versus ARS 335,967 million; reported segment operating result was ARS 30,075 million versus ARS 50,122 million.

• 9M Aggregates sales were ARS 5,491 million versus ARS 6,812 million; operating result was ARS 682 million versus ARS 1,842 million.

• 9M Concrete sales were ARS 7,637 million versus ARS 13,862 million; operating result was a loss of ARS 110 million versus income of ARS 2,801 million.

• 9M Other products and services sales were ARS 21,028 million versus ARS 9,612 million; operating result was ARS 891 million versus ARS 585 million.

• 9M consolidated segment operating result was a loss of ARS 932 million versus income of ARS 52,119 million, including corporate costs of ARS 32,470 million.