Votorantim Cimentos ended the second quarter of 2024 with a higher net revenue from greater volumes and supported by geographic and product diversification. The Brazilian company recorded global net revenue of R$7 billion in the second quarter, a 1% increase compared to the same period last year.
In Q2, the company’s global cement sales totaled 9.6 million tonnes, a 2% increase compared to Q2 2023. Additionally, net profit reached R$515 million, 10% higher compared to the same period of last year.
“At the end of the first half of the year, our results demonstrate the resilience and effectiveness of our diversification and capital allocation strategy. We remain focused on strengthening our structural competitiveness, advancing decarbonization projects and new businesses, while maintaining our solid financial discipline. We stay on course with our investment plan, aligned with our global strategy and strategic mandate,” said Osvaldo Ayres, global CEO of Votorantim Cimentos.
In North America, net revenue reached R$2.2 billion in the second quarter, a decrease of 13% compared to Q2 2023, excluding the exchange variation, mainly impacted by the slowdown in demand, which was partially mitigated by the increase in prices at the beginning of the year. The adjusted EBITDA result in the region was R$613 million, compared to R$647 million in the same period of the previous year. The drop in operating results is due to lower volumes and higher variable costs from raw materials, mitigated, for the most part, by the increase in prices and better operational efficiency.
In Latin America, revenue grew 2% in the second quarter compared to the same period in 2023 in local currency, due to better volumes in Bolivia. The region ended the second quarter with R$29 million in adjusted EBITDA, 25% lower than Q2 2023, excluding the exchange rate variation effect, mainly due to the challenging market dynamics in Uruguay and maintenance timing.
In Brazil, Votorantim Cimentos’ net revenue in the second quarter of 2024 was $R3.2 billion, flat compared to the same period in 2023. Adjusted EBITDA reached R$566 million in the second quarter, stable compared to 2Q23, due to a positive trend in new businesses and an improvement in variable costs.
