Alicorp A : presents financial results for Q1 2024

• The Company's first quarter results stood out for a 19.1% growth in Gross Profit, which reached S/ 618.9 million, compared to the same period in 2023.
• This growth was driven by the positive performance of the Peru Mass Consumption business, which presented a 39.0% growth in its gross profit compared to 1Q 2023.

Alicorp presented its financial results for the first quarter of 2024, which reflect the result of the actions carried out by the company to strengthen its emblematic brands; as well as the deployment of actions that contribute to the improvement of its results in the businesses in which it is present.

In the first quarter of 2024, Alicorp's consolidated sales reached S/2,831.5 million, 14.8% less than in the first quarter of 2023, mainly explained by price reductions associated with a lower cost of raw materials. For its part, consolidated Earnings before interest, taxes, depreciation and amortization (EBITDA) reached S/305.2 million, 29.2% more than the same period in 2023; explained by the performance of Mass Consumption in Peru, which increased S/ 85.3 million. Along the same lines, International Mass Consumption and the B2B business also showed increases of S/34.1 million and S/14.3 million, respectively.

This improvement in results responds to the strategy deployed throughout 2023 and that will continue in 2024. The Peruvian Mass Consumption business has strengthened and improved its channel mix and has maintained the focus of its strategy on its emblematic brands. In that sense, the Gross Profit of said business for the first quarter reached S/344.8 million, achieving a growth of 39.0% compared to the first quarter of 2023.

Quarterly Results by Business

During the first quarter of 2024, the Mass Consumption business in Peru has maintained the strategy that it has been deploying since 2023. As a result, the EBITDA for the first quarter reached S/199.4 million, an increase of 74.8% compared to the 1Q 2023. These actions also impacted Gross Profit and Gross Profit per Ton, which increased by 39.0% and 52.6% respectively compared to the same quarter of the previous year; and explained by a better mix of channels, especially in the categories of pasta, cookies, oils and detergents.

Regarding International Mass Consumption, EBITDA reached S/18.1 million, S/34.1 million more compared to the same quarter of 2023. This result has been led by the performance of the business in Bolivia in categories such as detergents and oils; while in Ecuador, key categories such as detergents, pastas, sauces and insecticides continue to be prioritized. In the latter, EBITDA remained stable due to efficiencies related to distribution and logistics processes.

For its part, the B2B business (Alicorp Soluciones) presented an EBITDA of S/66.7 million, which represented an increase of 27.4% compared to the same period of the previous year, showing better performance in the Baking platform. In this period, Gross Profit grew 25.0% while Gross Profit per Ton grew 19.2% compared to the first quarter of 2023.

Meanwhile, the Aquaculture business (Vitapro), excluding non-recurring events, recorded an adjusted EBITDA of S/22.8 million, a contraction of 68.1% compared to the first quarter of 2023, which is explained by the still complex global context of the aquaculture market. shrimp and salmon feed. As a result, the business continues to adapt to the dynamics of the sector through technical assistance to its clients, new formulations, competitive costs and launches.

Finally, the Grinding business reached an adjusted EBITDA of S/26.5 million, 3.5 times more than in Q1 2023. For its part, Adjusted Gross Profit increased by 44.1% due to the volatility in commodity prices.