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Wednesday, February 22, 2017
“Gruma, production ended 2016 with double digit increases in its financial results. This growth was mainly driven by its operations in the United States, Mexico and Central America.”.
Mexico City, 22 February,2016 .- GRUMA, a world leader in corn flour, tortilla and wrap production ended 2016 with double digit increases in its financial results. At the end of the fourth quarter of 2016 (Q4 2016), Net Sales grew 24% vs. Q4 2015 to $18,819 million MXP. This growth was mainly driven by its operations in the United States, Mexico and Central America, and by a weak peso vis-à-vis the US dollar, which specifically benefitted sales in Gruma United States.
During the fourth quarter of 2016, Gruma sales in operations outside of Mexico accounted for 75% of the total.
Meanwhile,sales volume amounted to 1,040 thousand tons (mt), 6% more than the company reported for the same period in 2015. These sales mainly came from Gruma United States and its subsidiary in Mexico, Grupo Industrial MASECA (GIMSA).
It should be pointed out that in Mexico, GIMSA continues to gain market share among tortilla producers as a substitute to the traditional method (nixtamal) used to make tortillas.
During the period, Gruma’s net profit was $1,797 million MXP, 169% greater, while net majority profit was $1,703 million MXP, 163% more because of the value write-off of the company’s net indirect investment in MONACA and DEMASECA made in Q4 2015, and also because of accounts receivable from MONACA.
Operating profit increased 29% during the period to $2,478 million MXP. This growth was mainly driven by better performance in Gruma United States, in addition to the positive effect of a weak peso vs. the US dollar. During the period January-December 2016 operating profit grew 24% to $9,122 million MXP.
Meanwhile,EBITDA grew 22% with respect to the same period in 2015, to $3,041 million MXP. This increase was mainly due to Gruma Corporation. EBITDA during the January-December 2016 period increased 20% to $10,964 million MXP.
GRUMA debt for Q4 2016 was $775 million dollars, thus net debt-EBITDA ratio was 1x.
Gross profit and EBITDA margins were, respectively 37.5% and 16.2%, in Q4 2016.
During Q4 2016 the company invested $107 million dollars, mostly in its operations in the United States, i.e., building a new tortilla plant in Dallas, Texas, expanding its corn flour plant Indiana, and its tortilla plant in Florida. In Mexico, the company invested in building a new tortilla plant in Monterrey; reopening its corn flour plant in the central part of the country; and in increasing storage capacity in existing plants. Investments in Europe went to expanding a corn mill in Italy and increasing storage capacity at its Ukraine plant.
Relevant events during the quarter:
With a 55-million dollar investment and its global Mission brand, Gruma reaffirmed its commitment to produce high quality foods that can be immediately adapted to the lifestyle, culture and needs of Malayan consumers.
Installed capacity at the new Gruma plant in Kuala Lumpur, Malaysia, amounts to an annual production of 30 thousand tons of tortillas, fried products and flat breads like wraps and pizza rounds
The plant was built under world-class quality standards in food safety. The efficient and functional building has modern equipment, highly qualified personnel, advanced environmental controls and operates under strictly ethical standards.
This is another firm step towards consolidating Gruma’s global presence, and its position as the Mexican world leader in corn flour, tortilla and wrap production.
Installed capacity will allow the plant to produce more than 50 thousand tons of corn and wheat tortillas, baked tostadas and fried products every year.
The new plant will generate 890 new jobs, as Mission-Mexico consolidates its position as a national leader in corn tortilla and tostada distribution to the self-service channel.
It will serve clients and consumers in the states of Puebla, Valley of Mexico, Veracruz, and the southeastern portion of the country.
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