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Wednesday, July 22, 2020
“Gruma reported historical operating results during the second quarter of this year (Q2 2020)”.
Mexico City, July 22, 2020. Despite the world experiencing a complicated panorama due to the coronavirus COVID-19 pandemic, Gruma reported historical operating results during the second quarter of this year (Q2 2020), driven primarily by its operations outside of Mexico and especially the United States.
At the end of Q2 2020, the Sales Volume of the world’s leader in the production of corn flour, tortillas, and wraps was up 4% compared to the same period in 2019, to stand at 1,062 metric tons. Gruma United States drove this increase with its 5% increase, plus the 5% growth reported by Grupo Industrial Maseca in Mexico, the 9% increase in Europe, and 18% growth in Central America.
The Company’s Net Sales stood at MXN 24,146 million, which is 25% higher than the figures reported in Q2 2019. This increase was driven by growth in sales volume and higher prices in Gruma United States; price increases and an increase in the sales volume of Grupo Industrial Maseca in Mexico, plus the rising sales volume reported by Gruma Central America, as well as a stronger dollar when compared to the Mexican peso.
In Q2 2020, sales from operations outside Mexico represented 77% of the total.
The Cost of Sales as a percentage of Gruma’s net sales rose from 60.5% from 62.4%, driven primarily by the improvement in sales in the United States. In absolute terms, the Cost of Sales was up 21% to stand at MXN 14,615 million, due to the strength of the U.S. dollar versus the Mexican peso, as well as rising sales volumes in the United States and Grupo Industrial Maseca in Mexico.
The Gross Profit reported by Gruma in Q2 2020 stood at MXN 9,531 million, 31% higher than the figure reported in Q2 2019, and the gross margin grew from 37.6% to 39.5%.
The multinational’s Operating Income grew 29% with respect to the same quarter of 2019 to stand at MXN 3,053 million, while the operating margin improved to 12.6% up from 12.2%.
At the end of Q2 2020, the EBITDA of the world’s leading producer of corn flour, tortillas, and wraps increased 27% compared to the same quarter of 2019 to stand at MXN 4,023 million, WHILE THE EBITDA margin went from 16.5% to 16.7%.
Gruma reported MXN 1.751 million in Net Earnings for the period, which is 38% higher than the amount reported in the same period of 2019.
Net Income amounted to MXN 1,751 million, 38% higher than the amount reported in the second quarter of 2019, thanks to better operating performance and the strength of the U.S. Dollar against the Mexican Peso.
The Mexican multinational’s Bank Debt in Q2 2020, excluding leases, stands at USD 1.137 billion, which is 8% lower than the amount reported in Q2 2019 when it stood at USD 1.230 billion; that is, USD 93 million less. The Company’s net debt-to-EBITDA ratio currently stands at 1.89x.
During the second quarter of the year, Gruma made Capital Investments of USD 28 million (that is, MXN 645,800 million), which were allocated primarily to:
Gruma Sales Q2 2019 VS Q2 2020
Gruma EBITDA Q219 VS Q220
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