Q2 2021 Compania Cervecerias Unidas SA Earnings Call Transcript
(technical difficulty)
So as percentage of net sales, MSD&A improved from 42.4% to 36.4% due to cost control initiatives through the ExCCelencia CCU program. In all, EBITDA expanded 136.1% -- excuse me. In all, EBITDA expanded 136.1% and EBITDA margin improved from 12% to 18.3%. In addition, business -- in International Business Operating segment, which includes Argentina, Bolivia, Paraguay and Uruguay, posted a 58.2% rise in revenues due to an increase of 39.1% in average prices in Chilean pesos and 13.7% higher volumes.
Volume growth was mostly driven by Argentina, although all the other countries posted positive growth. Better average prices in Chilean pesos were explained by revenue management initiatives and positive mix effects in the portfolio, which more than offset negative currency translation effects.
In addition, our efforts in pricing allowed us to compensate higher U.S. dollar-denominated costs from the depreciation of the Argentine peso against the U.S. dollar and higher cost in raw materials posting a gross profit expansion of 114.4% and an improvement in
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