Release Date: August 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Aenza SAA (LIM:AENZAC1, Financial) confirmed a capital increase of up to $55 million, which is a significant milestone in their strategic growth plan.
- The company has successfully raised over $100 million in previous capital increase processes and expanded their letter of credit lines by $200 million.
- Consolidated revenues increased by 4.3% compared to the second quarter of 2023, driven by higher production volumes in key projects.
- Gross profit increased by 13.4% in the second quarter of 2024, attributed to better results in the energy sector and higher traffic in infrastructure.
- Aenza SAA has doubled its ESG score since 2021, reflecting a strong commitment to sustainability and market credibility.
Negative Points
- Net financial expenses increased by 91.8% in the second quarter of 2024, primarily due to financial interest from corporate bonds and other financial obligations.
- The company reported a consolidated net loss of PEN66.9 million in the second quarter of 2024, with a net margin declining to minus 3.4%.
- Debt increased by 12% compared to the end of 2023, mainly due to the issuance of a corporate bond.
- Some approvals for the reorganization process are still pending, which could impact the company's strategic initiatives.
- The Mancoraland contract was excluded from the engineering and construction backlog, indicating potential project discontinuation.
Q & A Highlights
Q: Can you provide details about the international private placement you mentioned? Specifically, what amount do you expect to collect, and what are the expected tenures?
A: We are initiating the private placement process in the coming months, but we are currently unsure about the exact amount. This will be determined with the assistance of the bank facilitating the process.
Q: Regarding the capital injections, is there a commitment from IG4, or have you been in talks with pension funds, especially considering the withdrawals from the system?
A: After the shareholders' meeting next week, we will meet with our shareholders to discuss their commitment to subscribe. At this moment, we cannot provide specific details about the amounts they will contribute.
Q: Concerning your growth plans, particularly in the energy platform, are you focusing on organic or inorganic growth?
A: We are pursuing both organic and inorganic growth. In the energy sector, we are looking at organic growth through the extension of Norvial and exploring inorganic opportunities in infrastructure and concessions.
Q: Can you elaborate on the strategic direction involving potential acquisitions and strategic alliances in Peru and other countries like Colombia and Chile?
A: We are actively evaluating potential acquisitions and strategic alliances in these regions to diversify our revenue sources, enhance market presence, and align with our long-term vision of sustainable infrastructure development.
Q: How does the new corporate structure impact Aenza's ability to conduct business, and what approvals are still pending?
A: The new corporate structure will not change control or affect Aenza's business operations. We have filed waiver requests with the Peruvian government and other entities, with some approvals still pending. We expect to finalize the reorganization process in the third quarter.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
