Empresas Lipigas S.A. announced its consolidated financial results for the fiscal year ended December 31, 2020.
Highlights FY 2020:
- EBITDA reached CLP 96,274 million, 8.2% lower than the previous year (CLP 104,872 million).
- Income after taxes decreases by 13.5% due to lower sales volume and greater operating expenses.
- Consolidated LPG sales volume decreases by 1.3% impacted by lower sales because of the effects of the crisis originated by the COVID-19 pandemic.
- Consolidated sales volume in equivalent LPG tons (including sales of network natural gas, compressed natural gas and liquefied natural gas) decreases by 1.6%.
Highlights 4Q 2020:
- EBITDA reached CLP 23,270 million, 9.4% lower than the previous year (CLP 25,692 million).
- Income after taxes decreases by 23.4% due to higher operating expenses and higher negative non-operating income.
- Consolidated LPG sales volume increases by 5.3%. Although the effects generated by the COVID-19 pandemic continue, a higher sales volume than the previous year is achieved.
- Consolidated sales volume in equivalent LPG tons (including sales of network natural gas, compressed natural gas and liquefied natural gas) increases by 5.3%.
Regarding these, the general manager of Empresas Lipigas S.A, Ángel Mafucci explained:
“The results of Empresas Lipigas for 2020 were impacted by the economic effects of the pandemic on the country and the world. When this crisis began, our priority was to keep our operation running and serving our customers. We achieved these goals, always prioritizing the health and safety of our workers, our customers, with whom we interact very closely, and our network of collaborators and contractors. And adapting to the operating conditions imposed by the pandemic. Restrictions on economic activity and mobility affected our sales in certain customer segments and that, along with some one-off expenses, impacted our results. As of December 31, EBITDA showed an 8.2% decrease, with decreases in Chile and Peru, and an increase in Colombia”.
He added that: “During the year we furthered the execution of our strategic plan, which has as one of its pillars the direct-to-consumer sales of bottled LPG for end-customers, ensuring the service level and interacting directly with them. In December, direct-to-consumer channels for end-customers accounted for 57% of total sales of bottled LPG, an increase of almost 50% regarding 2019 . A pillar for achieving this has been the development of digital tools, which has not only allowed us to strengthen the relationship with bottled LPG end customers, but also achieve efficiencies in the distribution chain and improve service to our bulk customers”.
Review full Press Release HERE