Yahoo Finance Grupo Bafar Reports Third Quarter 2022 Results
CHIHUAHUA, México, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Grupo Bafar, S.A.B de C.V. (BMV: BAFARB) recognized as one of the main companies in Mexico within the food business, with an important participation in various sectors, such as agroindustrial, finance, and real estate, has announced its results for the third quarter of 2022.
Q3 2022 Highlights
Net sales increased 21.8%.
Volume sales increased 13.5%.
Operating income increased 15.6% and EBITDA increased 15.9%.
Investments during the year of more than MXN $2,373 million (US$ 117.5 million).
The Real Estate Division increased revenues 62.6%.
The Financial Division increased revenues by 60%.
The company presented a 21.8% increase in revenues in the third quarter of 2022 compared to the same period in 2021, reaching $6,121.5 million pesos (US$ 303.2 million), driven by a significant increase of 13.5% in sales volume in the food division during the quarter. This increase is mainly derived from the strengthening of the brands and the execution of the expansion plans in Mexico, as well as a significant increase of 12.2% in the United States, growth that is the result of the expansion plan in the United States market and that generates the expectation of continuing to increase its presence in that region.
On the other hand, the real estate division of the group, represented by Fibra Nova (BMV: FNOVA17), presented an increase of 62.6% in revenues in the third quarter compared to the same period of 2021, mainly caused by the expansion in the leases of industrial buildings in the north of the country.
Likewise, the financial division increased its income by 60.0% in this same period, derived from the increase in the placement of business loans and the increase in reference rates.
The current results are accompanied by cash flows that allowed for investments of more than $2,373 million pesos (US$ 117.5 million) in the nine months of the year, which were mainly destined to the expansion of the real estate portfolio but also to the increase of the logistical and production capabilities of the food division that will support expansion plans in Mexico as well as in the United States.
Consolidated Results | MXN |
| USD |
| Var % | ||
In thousands | IIIQ21 | IIIQ22 |
| IIIQ21 | IIIQ22 |
| |
|
|
|
|
|
|
|
|
Net Sales | 5,027,214 | 6,121,546 |
| 248,962 | 303,156 |
| 21.8% |
Operating Income | 489,995 | 566,213 |
| 24,266 | 28,040 |
| 15.6% |
Operating Margin | 9.7% | 9.2% |
| 9.7% | 9.2% |
|
|
EBITDA | 618,553 | 716,971 |
| 30,633 | 35,506 |
| 15.9% |
EBITDA Margin | 12.3% | 11.7% |
| 12.3% | 11.7% |
|
|
Net Income | 155,464 | 250,632 |
| 7,699 | 12,412 |
| 61.2% |
Net Margin | 3.1% | 4.1% |
| 3.1% | 4.1% |
|
|
Exchange rate of $20.1927 per USD $1.0, which corresponds to the rate at the close of September 30, 2022, according to Mexico’s National Bank.
Eugenio Baeza Fares, Chairman of Grupo Bafar, commented, “Our business divisions continue to grow, consolidating the strategic diversification that we have built. Our main food division continues to strengthen its presence in the markets in which it participates. It is worth mentioning that during the quarter there has been greater stability in the costs of raw materials compared to the previous quarter and we trust that it will continue in the same way for the end of the year.”
Grupo Bafar also reported out for its efforts in environmental, social, and corporate governance (ESG) matters. Regarding social participation, “Fundación Grupo Bafar” reported that since its foundation, it has supported more than 23,000 children through the Social Sports Schools, in a collaborative agreement with the Real Madrid Foundation, providing more than 98,000 families with pantries through the Food Bank and with a balanced nutrition to people living in priority attention areas. Grupo Bafar also reported during the quarter its first ESG report prepared in accordance with the GRI standards.
For more information, contact:
Luis Carlos Piñón Reza
Forward looking statements
The information contained in this report may include certain statements with regarding the expected financial and operating performance of Grupo Bafar, which are based on financial information, operating levels and market conditions prevailing at date, as well as estimates by the company's management in relation to possible future events. The financial information presented has not been audited.
