Quiñenco (QUINENCO) Q2 2024 earnings summary

Executive summary

• Net income reached Ch$117,750 million in 2Q 2024, up 20.1% year-over-year, driven by a lower tax expense at CSAV and strong performance at Nexans, offset by the absence of a non-recurring gain from the prior year.

• Earnings per share were Ch$70.82 in 2Q 2024.

• NAV as of June 30, 2024, was US$8.4 billion, with a 35% discount to market capitalization.

Financial highlights

• Consolidated revenues in the industrial sector rose 6.6% year-over-year to Ch$1,353,910 million, mainly from Enex and SM SAAM.

• EBITDA in the industrial sector increased 41.4% to Ch$54,124 million, driven by SM SAAM, LQIF holding, and Enex.

• Net income attributable to controllers' shareholders was Ch$117,750 million, up from Ch$98,076 million in 2Q 2023.

• Banco de Chile's net income declined 2.6% year-over-year to Ch$323,600 million due to higher expected credit losses.

Outlook and guidance

• Nexans completed the acquisition of La Triveneta Cavi, strengthening its electrification strategy.

• Enex received US$105 million in capital increases to support growth in current markets.