February, 21 2023

Alicorp presented its financial results for 2022. Although the year has been marked by the volatility in the prices of raw materials and the constant increase in inflation globally, the company has managed to show a positive trend in its results for the year due to to the support provided by its competitive advantages such as the value of its brands, innovation and diversification of its businesses.

At the end of 2022, Alicorp's consolidated sales reached S/15,406 million, which represents an increase of 26.1% compared to 2021. Said result is due to the good performance of its balanced feed businesses for Aquaculture, Milling and the business of Massive Consumption in Peru . For its part, the result of the consolidated Earnings before interest, taxes, depreciation and amortization (EBITDA) for 2022 is S/1,622 million, 23.1% more than in 2021.

Regarding the businesses led by Alicorp, Mass Consumption in Peru stands out due to its innovation strategy and its solid presence in the traditional channel (warehouses and market stalls). In 2022, this business registered sales of S/4,372 million soles, growing by 17.7% compared to 2021. These figures reflect the performance of categories such as hair care, bleach and cookies that have grown in market share, as well as also the variations in prices caused by the inflationary context.

For its part, the Mass Consumption business at the international level reached sales of S/1,198, growing 6.3% compared to 2021. In the case of Bolivia, this growth is supported by the good performance of the Home Care platform that compensates the impact generated by the price control of oils in that country, as well as the price variations derived from the high costs of raw materials. For its part, in Ecuador, the company continues to deploy its go-to-market strategy to accelerate its growth and higher sales volumes in that country. As a result, in this geography, sales in 2022 grew by 19.7% compared to the previous year.

The B2B business (Alicorp Soluciones) obtained sales of S/2,690 million, which represents a growth of 24.0% compared to the previous year. This result is due to the good balance of the portfolio that the business offers to its Gastronomy clients (restaurants, bakeries and laundries), as well as to other industries. Likewise, although consumption outside the home has not yet reached pre-pandemic levels, the company has responded by strengthening its distribution and attracting new customers.

The Aquaculture business (Vitapro) registered net sales of S/3,906 million, representing an increase of 38.5% compared to 2021. During 2022, a stable performance in the business continued to be observed due to the high demand for shrimp and salmon.

For its part, the Grinding business reached sales of S/3,240 million, which represents an increase of 35.9% compared to the result of 2021.

Fourth Quarter Results

In the fourth quarter of 2022, Alicorp's consolidated revenues reached S/4,164 million, that is, 16.4% more than in the fourth quarter of 2021. For its part, consolidated EBITDA reached S/352 million, 13.0% higher than the fourth quarter of 2021, mainly supported by the good performance of the Mass Consumption businesses in Peru and Aquaculture.

The Mass Consumption business in Peru registered sales of S/1,151 million, reflecting a growth of 22.4% compared to the same period in 2021. This increase is due to price initiatives in various categories to partially offset the high costs of inputs, the design to value initiatives deployed and a good balance in its offer of premium and economic products.