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Wednesday, April 20, 2016
“The Net Sales of the world’s leading corn flour and tortilla producer increased by 17% on Q115, to MXN 15.83 billion, mainly driven by the operations of Gruma Corporation and Grupo Industrial MASECA.”.
Mexico City. April 20, 2016 -GRUMA S.A.B. de C.V. has today posted improved operating results to the end of the first quarter of this year (Q116). For this period the firm posted aNet Profitof MXN 1.315 billion, a figure MXN 264 million (25%) up on Q115, while the Mexican multinational’sNet Majority Profitincreased by 29% from MXN 983 million in Q115 to MXN 1.267 billion in Q116. This improvement was mainly due to the improved operating performance of Gruma Corporation, the group’s U.S. subsidiary.
Gruma’sOperating Profitgrew by 26% during the period to MXN 2.03 billion, mainly due to the enhanced performance of Gruma Corporation and improvements in the operations of Gruma Central America.
At the close of this period, the company’sSales Volumestood at 946,000 metric tons (T), 2% higher than that reported for Q115.
TheNet Salesof the world’s leading corn flour and tortilla producer increased by 17% on Q115, to MXN 15.83 billion, mainly driven by the operations of Gruma Corporation and Grupo Industrial MASECA, its Mexican subsidiary. In Q116, Sales from operations outside of Mexico accounted for 74% of the total sales figure.
Cost of Salesas a percentage of the company’s net sales improved from 64.2% to 62.9% as a result of the improved performance of Gruma Corporation. In absolute terms, cost of sales increased by 14% to MXN 9.71 billion.
In the United States Gruma’s operations specifically were helped by the overall growth of the tortilla industry as a whole, particularly among non-Hispanics, and in the corn flour market, due to the greater market share achieved in Mexican restaurants; the increasing popularity of tortillas and corn chips in non-Mexican food companies; and the growth of snack manufacturers.
The firm’sEBITDAincreased by 24% during Q116 compared to the same period in 2015, to stand at MXN 2.48 billion. Although this growth was driven by all of the company’s subsidiaries, the performance of its U.S. operation was particularly influential.
Gruma also reporteddebtof USD 729 million in Q116, with a Gross Debt/EBITDA ratio of 1.3.
The company madecapital investmentsof USD 51 million during Q116, which in the United States were spent on building a new tortilla plant in Dallas, and expanding capacity and technology in other units. In Europe they were invested in expanding the capacity of facilities in Italy, the UK, Spain, Ukraine and Russia; and in Mexico were used to improve technology in plants.
Key events during the quarter:
Standard & Poor's Upgrades Ratings
Having consistently posted strong financial results driven by effective growth in its revenues, profitability and cash flow generation, and in consideration of its moderate use of debt, Standard & Poor’s upgraded Gruma’s credit and debt rating from “BBB-” to “BBB” with a stable outlook.
Standard & Poor’s announced that the company’s new rating is a reflection of the firm’s expectation that this strong performance and the moderate financial policy pursued will continue over the next two years.
In addition, the firm expects Gruma to fund its investment expenditure plan (CAPEX) and payment of dividends from the generation of internal cash flow without using significant additional debt.
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