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Wednesday, July 22, 2015
“The company reported that its net profit was $1.156 in the MDP and the majority net income on $1.081 MDP.”.
Mexico City. July 22, 2015.- Gruma S.A.B. de C.V. today announced its operating results for the close of the second quarter of 2015 (2Q15), which show improvements in its margins compared to the same period in 2014. The company posted Net Profits of MXN 1.156 billion and a Net Majority Profit of MXN 1.081 billion during this period.
On a similar note, the company’s Operating Profit grewby 22% during the second quarter of 2015, from MXN 1.508 billion in 2Q14 to MXN 1.84 billion in the most recent quarter, which was due to its improved performance in all its subsidiaries, in particularly in the United States, as well as greater efficiencies and the positive effects of the depreciation of the Mexican peso.
The Sales Volume of the company stood at 960,000 metric tons, a figure 4% higher than the 919,000 tons posted during the same period in 2014. This growth was primarily achieved through the operations of Gruma Corporation in the United States.
Likewise, the Net Sales of Gruma - the world’s leading corn flour and tortilla production company - were up MXN 1.938 billion, from MXN 12.297 billion in 2Q14 to a new figure of MXN 14.28 billion.
It is worth noting that, in 2Q15, the firm’s net sales and EBITDA from operations outside of Mexico accounted for 73% and 66% of consolidated results respectively.
Cost of Sales as a percentage of the company’s net sales improved by falling from 63.5% to 62.0% as a result of the improved performance of its U.S. subsidiary, Gruma Corporation. In absolute terms, cost of sales increased by 13% to MXN 8.855 billion.
Gruma’s EBITDA experienced double-digit growth for the 13th consecutive quarter, increasing by 21% in 2Q15 compared to the same period in 2014, reaching MXN 2.242 billion. This increase was driven by improved performance in the majority of its operations, in particular Gruma Corporation, alongside the effects brought about by the depreciation of the Mexican peso. The firm’s EBITDA margin increased from 15.1% to 15.7%, the highest ever figure for the company.
Furthermore, its Return on Invested Capital at the close of the second quarter of the year stood at 14.5%, the highest percentage in the history of the multinational.
The company also reported that its debt stood at USD 758 million in 2Q15, with a gross debt/EBITDA ratio of 1.4.
During the course of 2Q15, Gruma made capital investments worth USD 33 million, most of which was spent on technology improvements for Gruma Corporation and GIMSA, such as expanding the installed capacity of the firm’s tortilla and corn flour production plants in Mexicali, and building new plants to produce tostadasin Tijuana, Mexico, and for tortilla production in Russia.
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