Colombia, Peru drive growth for Chile's Lipigas

Net income for Chilean LPG and LNG distributor Lipigas grew 51% to 36.1bn pesos (US$54mn) in 2015.

Ebitda rose 63% to 79.0bn pesos, the firm said in its latest MD&A, driven by improved margins in each of the three countries where it operates – Chile, Peru and Colombia.

LPG sales increased 4% to 24,837t, driven by growth of 8.9% and 14.2% in Colombia and Peru, respectively.

A Lipigas-owned LPG import terminal in the Chilean city of Quintero was commissioned in March 2015, and contributed approximately 15bn pesos to gross profit during the year, Lipigas said.

Sales of LNG, which Lipigas transports by truck to offtakers that lack access to natural gas pipelines, grew to 12Mm3 from 3Mm3 (Lipigas began supplying LNG in July 2014).

Lipigas obtains LNG through a take-or-pay contract with national oil company Enap, a part-owner of Chile's Quintero LNG import terminal.

Lipigas controls 36.5% of the Chilean LPG market, boasting 14 storage and bottling plants, along with the LPG terminal.

The company controls 14.2% and 8.8% of the Colombian and Peruvian LPG markets, respectively.

In related news, 2015 profits for fellow LPG distributor Abastible grew 38.4% to 34.6bn pesos on improved margins in Chile and Colombia, according to earnings figures release by parent company Copec.