During the first quarter of the year, Gruma EBITDA was 3.472 million pesos, which is a 0.94% decrease compared to 3505 million pesos recorded in the same period last year.
The company indicated that Ebitda’s margin fell 60 basis points to 15.7 percent, mainly due to A. High cost of sales in Mexico, As a result of higher costs of corn and higher costs associated with frost in the United States and Mexico.
Gruma’s net sales increased by three percent, to 22,179 million pesos, reflecting A. More profitable product mix In the US, plus price increases by GIMSA in Mexico.
“The Sales volume decreased by three percent Driven by a buildup of stocks during the first half of 2020 as a result of Covid-19. Additionally, bad weather and frost affected distribution and operations in the United States and Mexico.
Net profit for the quarter was 1.321 million pesos, which is an increase of 135 percent compared to 562 million in the first quarter of last year.
The company explained that the increase in its profits is due to the fact that in the first quarter of 2020 it recorded extraordinary losses in exchange rates, which prompted it to record Financial expenses of 1739 million pesosFor 479 million pesos this year.
The Net debt of the company, When measured in dollars, the numbers rose 45 million during the quarter to $ 1,131 million, while maintaining the net debt / EBITDA ratio of 1.5 times.
The Investments From Gruma in the added quarter $ 43 millionAmong the projects such as increasing the production capacity of the tortilla factory in Malaysia; Renovations and maintenance in preparation for the reopening of the tortilla plant in Omaha, Nebraska; Progress on building a new tortilla plant in Indiana; Transmission and distribution equipment in Mexico; Maintenance and technological improvements are generally throughout the company.
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