Commenting on the financial and operating performance for the third quarter of 2020, Sergio Faifman, Loma Negra’s Chief Executive Officer, noted: “We feel very satisfied with the robust position with which we concluded this third quarter. We have improved our operational results with margins expansion, in the back of a continuing sales volume improvement coupled with effective cost and price management.”
“Additionally, we executed seamlessly the sale of our Paraguayan operation, an excellent deal in terms of value generation and timing. We optimised the proceeds from the transaction, creating value for our shareholders at the time we strengthen our already robust financial situation.”
“In the quarter, cement demand in Argentina continues to operate at two speeds. On one side, the bag segment has confirmed the strong recovery path, 18% year-over-year, mostly explained by household and retail demand. By contrast, the bulk segment, as well as concrete and aggregates, are still affected by the very low levels of larger private and public works which are still hampered by lockdowns and its effects.”
“The L’Amalí expansion project, a key element of our long-term strategy, is on track. Certainly, the COVID-19 pandemic is still a source of uncertainty, and may provoke additional delays to the start up of the new production line, which is expected to be at the beginning of 2021.”
“Once again, I would like to thank all our people, and stakeholders, without whom these above mentioned results would have been very difficult, particularly during this unprecedented times. Let’s keep moving forward, with the same responsibility and resourcefulness we have shown to overcome any challenge and to grasp every opportunity on our way.”
