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Wednesday, October 18, 2023
“GRUMA ANNOUNCES 18% GROWTH IN NET SALES AND A 34% RISE IN EBITDA DRIVEN BY THE USA IN Q3 2023”.
Mexico City, October 18, 2023. –Thanks to the growing demand for its value-added products in the United States, mainly its “Better For You” line, Gruma today announced stable sales volumes as it reached 1.093 billion tons, with an 18% growth in net sales and 34% increase in EBITDA at the end of Q3 2023.
The company also noted that its subsidiary in the U.S. announced outstanding operating results. Its net sales in Q3 2023 were up 14% with a 19% rise in EBITDA thanks to the solid performance of its tortilla business, the positive performance of the food service channel since Q4 2022, and the fact that the corn flour business has maintained strong performance rates in the retail channel.
In the United States, Gruma Corp. reported stable sales volumes at 405,000 tons during the third quarter of the year with USD 939.5 million in net sales; EBITDA reached USD 186 million, and the EBITDA margin was up from 18.9% to 19.8%.
In Europe, despite inflationary pressures affecting consumer purchasing power, the multinational improved its profitability during the July-September period, reporting a 51% rise in EBITDA, supported by its 7% growth in sales volume, for a total of 103,000 tons and 7% growth in net sales to stand at USD 112.6 million.
In Asia and Oceania, it reported a 7% increase in net sales with a 24% growth in EBITDA compared to the same period in 2022.
In Central America, the company reported a 6% growth in net sales, a 35% rise in operating profit and a 31% rise in its EBITDA. In this area of America, the world’s leading company in the production of corn flour, tortillas and wraps seeks to improve its profitability by launching new products and increasing distribution in these countries in Central America.
In the third quarter of the year, net sales and EBITDA from Gruma’s operations outside of Mexico represented 71% and 78% of the total.
Q3 2023 Financial Results Compared to Q3 2022
At the end of Q3 2023, Gruma’s Sales Volumes remained stable at 1.093 billion metric tons compared to the same period in 2022.
Net Sales in the quarter mentioned above were up 18% compared to the same period in 2022, to stand at USD 1.693.8 billion, driven primarily by its subsidiary in the United States.
The company’s Cost of Sales as a percentage of net sales improved from 64.5% to 63.5% due to higher labor and raw material costs across all divisions.
The multinational, a world leader in the production of nixtamalized corn flour, tortillas and wraps, reported USD 618.8 million in Gross Profits in Q3 2023, 21% above the amount reported in the same period in 2022, totaling USD 511.3 million. Gross margin stood at 36.5%.
The Mexican multinational’s Operating Income in the abovementioned quarter was USD 220.2 million, a 38% increase over Q3 2022. Its operating margin was 13% in Q3 2023.
Gruma’s consolidated EBITDA was up 34%, at USD 278.5 million. It announced a 16.4% EBITDA margin in the year’s third quarter.
Gruma’s Majority Net Income in the period stood at USD 136.2 million, driven primarily by its subsidiary in the United States. Gruma reported USD 139.8 million in Net Profit in Q3 2023.
In July-September this year, the multinational strengthened its financial structure and reduced its debt by USD 136 million to USD 1,989 million, improving its net debt-to-EBITDA ratio from 2.04x to 1.68x.
During the third quarter of the year, Gruma’s Capital Investments totaled USD 47 million, allocated as follows:
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