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Wednesday, October 21, 2015
“Gruma thus continues to strengthen its financial growth and consolidate in the markets where it does business, by selling high-quality, healthy food products.”.
Mexico City. October 21, 2015 - Gruma S.A.B. de C.V. today announced it's Q315 operating results that show improvements over the same period in 2014. The multinational posted a Net Profitof MXN 1.469 billion during this period, 21% over the MXN 1.215 billion posted in the same quarter of 2014, and its Net Majority Profitin creased by 20% to MXN 1.383 billion.
Gruma’s Operating Profit grew 27% during Q315, from MXN 1.569 billion in Q314 to MXN 1.99 billion this quarter, due to improved performance of its U.S. subsidiary, Gruma Corporation and the positive effects of the depreciation of the Mexican peso.
The company’s Sales Volume stood at 968,000 metric tons, a figure that is 5% higher than the 924,000 tons posted during the same period last year. This growth was achieved primarily through Gruma Corporation operations.
Meanwhile, the Company’s Net Sales increased by 21% to MXN 15.313 billion — MXN 2.648 billion over the MXN 12.665 billion posted in Q314. This growth was driven by the weak peso against the dollar, which proved advantageous to the multinational’s sales in the United States, in addition to the increase in sales volumes mentioned earlier.
The firm’s net sales and EBITDA from operations outside of Mexico in Q315 accounted for 74% and 68% of consolidated results, respectively.
Whereas, the Cost of Sales as a percentage of the net sales of the world’s leading tortilla and corn flour producer improved by falling from 63.0% to 61.6% as a result of Gruma Corporation’s improved performance. In absolute terms, the cost of sales increased by 18% to MXN 9.425 billion.
Gruma’s EBITDA experienced double-digit growth for the 14th consecutive quarter, with a 25% increase in Q315 compared to the same period in 2014, to stand at MXN 2.412 billion. The firm’s EBITDAmargin increased from 15.2% to 15.8%.
The company also reported debt of USD 753 million in Q315, with a Gross Debt/EBITDA ratio of 1.5.
In Q315, Gruma made capital investments worth USD 58 million.Most of this amount was spent on technology improvements for Gruma Corporation and GIMSA, such as expanding the installed capacity of several tortilla production plants in the United States and the corn flour plant in Mexicali. Another portion of this amount was used to build a tortilla manufacturing plant in Malaysia and to increase its shareholding in GIMSA by approximately 2% for around USD 25 million in July of this year.
Gruma thus continues to strengthen its financial growth and consolidate in the markets where it does business, by selling high-quality, healthy food products.
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