Mining business units Enaex and Magotteaux helped Chile’s Sigdo Koppers lift its 2022 net profit 35.6% year-on-year to US$217 million on 27.4% higher revenue of $3946.5 million.
The Santiago-listed company, which has a current market value of about US$1.5 billion, said its mining explosives and chemicals, and grinding media, businesses both benefited from volume and price increases last year.
The combined industrial sales area contributed US$2.86 billion of Sigdo Koppers’ total sales, up 43% yoy.
The group owns about 62% of Enaex and 100% of Magotteaux.
Enaex generated 51.7% higher sales of $1.95 billion in 2022, supplying 11% more explosives yoy (1.7 million tonnes) and gaining from higher ammonium nitrate and explosives pricing. Management said the company also saw volume growth in Chile, Brazil, South Africa and Australia. EBITDA climbed 46% yoy to $308.4 million.
Belgium-based Magotteaux achieved a 27% yoy revenue uplift to $908m, mainly due to increased pricing as the company tried to maintain margins on higher-cost raw materials. EBITDA was up 84% yoy at $120.2m.
Sigdo Koppers’ engineering and construction, transport and logistics, and equipment rental arms, which all have significant exposure to mining and metals markets, enjoyed mixed fortunes in 2022.
Ingenieria y Construccion posted 11.9% higher revenue of $536.6m, and lifted EBITDA 5% to $36m.
Puerto Ventanas’ revenue was down 3.9% at $164.3m on lower copper concentrate, coal and acids transport volumes. EBITDA slumped 17.5% to $44.5m.
SKC’s distribution and rental sales were up 4.2% yoy at about $325m, but EBITDA fell 5.8% to $71.3m.