In the third quarter, mining once again positioned itself as the main driver of profits for companies with foreign direct investment. According to the Central Reserve Bank (BCR), the total profits of foreign companies established in Peru exceeded US$6,113 million, that is, US$1,198 million more than the similar period of the previous year, which implied an advance of 24.6%, driven above all by the better performance of metal producers.
The mining sector contributed almost all of that growth. Its profits increased by US$1,144 million to a total of US$3,346 million, which represented a jump of 52%. The BCR explained that the boost came from export prices, which showed a marked evolution during the quarter.
“The price of gold increased from US$2,479 per ounce in the third quarter of 2024 to US$3,458 in the current quarter; copper went from US$3.8 to US$4.5 per pound; and iron from US$102 to US$107 per ton,” he indicated. With these prices, mining companies consolidated an outstanding quarter compared to the mixed performance of other sectors.
Services
Companies in the service sector also recorded better performance. Their profits increased by US$254 million, totaling US$1,789 million, led by financial companies, which obtained a higher margin due to the reduction in delinquencies and lower interest rates. Non-financial services companies also showed favorable performance, especially telecommunications, which sustained the progress of the sector.
Regarding the results of the industrial sector, they reported a minimal variation. Its profits fell by US$6 million, to US$518 million, affected by the lower results of fishing companies, which faced a drop in the price of fishmeal. However, according to the BCR, this setback was partially offset by the recovery of an important oil refinery, which this year did not have to assume the extraordinary expenses derived from the operational incident recorded in one of its maritime terminals.
The energy sector also did not show significant changes with a variation of -1.2%. Electricity generation companies faced a slight reduction in their results, while distribution companies obtained better performance, which allowed the sector to close practically stable.
In contrast, the hydrocarbons sector recorded the largest drop of the quarter. Its profits decreased by US$177 million, to US$234 million, a reduction of 43.2%. This drop responded to the lower export price of natural gas, the reduction in the international price of oil and the lower production in Block 88 of Camisea. These factors consolidated the most marked decline among the sectors analyzed.
Data:
Dividends paid by foreign companies recovered after the pandemic, remaining around 3.7%, compatible with the cycle of higher terms of trade, according to the BCR.
However, dividends are still lower than those achieved in the previous commodity cycle of 2004-2007, when they reached 5% of GDP.
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