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Wednesday, October 19, 2016
“During the period, net profit was Ps.1,620 million; Ps.152 million above the figure for 3Q15, which represents a 10% increase”.
Mexico City, 19 October 2016. Today Gruma S.A.B. de C.V. reported excellent operating results at the close of the third quarter of the year (3Q16). During the period,net profitwas Ps.1,620 million; Ps.152 million above the figure for 3Q15, which represents a 10% increase.
Majority Net Income of the Mexican multinational company rose 11% from Ps.1,383 million in 3Q15 to Ps.1,535 million in 3Q16. This improvement was mainly driven by Gruma Corporation, the company’s USA subsidiary.
Operating profit of the world leader in corn flour, tortilla and wrap production increased 22% during the period peaking at Ps.2,423 million. This growth was driven by better performances in Gruma United States and Grupo Industrial MASECA in Mexico, as well as by the positive effect of the Mexican peso depreciating vis-à-vis the US dollar.
As a percentage of sales, operating profit accounted for 14.1%, the highest ever in Gruma history.
At the end of 3Q16, company sales volume reached 991 thousand metric tons (mt), 2% more than the volume recorded for the same quarter in 2015.
Net sales rose 12% with respect to 3Q15, up to Ps.17,209 million, mainly due to a weak peso that particularly benefited the sales of Gruma Corporation, USA. During 3Q16 non Mexico sales accounted for 75% of the total.
Cost of salesas a percentage of net company sales improved to 61.4% from 61.6%, mostly owing to better performance of Gruma’s subsidiary in the USA. In absolute terms, cost of sales increased 12% to Ps.10,573 million.
Gruma operations in the US continue to benefit from sales to corn flour-based food producers and Mexican food restaurants that are increasingly gaining popularity in the United States.
Gruma’s EBITD Ain 3Q16 grew 16% versus the same quarter in 2015 to Ps.2,806 million.
Company debt in 3Q16 was US$700 million, down US$53 million with respect to the same period in 2015, which represents a gross debt/EBITDA ratio of 1.3 times.
During 3Q16, Gruma alloted US$58 million to capital investments in the United States to expand its tortilla plant in Florida, and its corn flour plant in Indiana; in Europe for a new tortilla plant in Russia; in Asia for a new tortilla plant in Malaysia; and in Mexico to build a new tortilla plant in Monterrey and reopen a corn flour production plant in Chalco, state of Mexico, as well as for technical upgrades at Grupo Industrial MASECA.
Gruma recently inaugurated its new plant in Malaysia. Installed capacity is for an annual production of 30 thousand tons of tortillas, fried goods and flat bread. The company also celebrated 10 years of success in China, thus consolidating its global leadership in the production of corn flour, tortillas and wraps.
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