CHIHUAHUA, Mexico, April 22, 2024 (GLOBE NEWSWIRE) -- Grupo Bafar, S.A.B de C.V. (BMV: BAFARB), a recognized leader in the national food sector, has announced its results for the first quarter of 2024, highlighting solid growth in its main divisions.
First Quarter 2024 Results
- Net sales amounted to $6,618.4 million pesos.
- Gross profit increased 27.4% with a margin of 33.5%.
- Operating income increased 19.0%, and EBITDA increased 19.5%.
During the first quarter of 2024, Grupo Bafar reaffirms its position as one of the leading food companies in Mexico, consolidating four decades of business success. The company stands out in this period thanks to its solid and steady growth in financial margins and operating results, evidencing solid and strategic management. These achievements not only underscore Grupo Bafar's ability to adapt to market challenges, but also highlight its ongoing commitment to excellence and innovation in the food sector.
The company's Food Division, Bafar Alimentos, recorded record revenues of $6,618.4 million pesos, a historic figure for a first quarter. In addition, the Division continues to drive digitalization and process modernization projects to make them more efficient. The Division also achieved SQF for Animal Prodict Manufacturing Edition 9 recertification at the Intergan Foods plant, and inaugurated the Pepperoni plant at the Agroindustrial Complex in La Piedad, Michoacán on February 1. This plant required an investment of $550 million pesos and will have a production capacity of up to 1,000 tons per month.
The Real Estate Division represented by FIBRA NOVA had an increase of 28.0% in dollar terms, reaching $17.9 million. Total sales were $303.8 million pesos, mainly due to the appreciation of the peso against the dollar. We also acquired an agro-industrial property located in the city of Chihuahua, which is leased for 15 years under a triple net (NNN) contract in dollars.
The Financial Division recorded a financial margin of 45%, placing $1,205.2 million pesos during the quarter. We have achieved a better segmentation of contracts for our customers, which is reflected in the decrease of the delinquency rate, which is at 1.23%. We also started the pilot test of the B- Cash application, which has proven to be a complete success due to the number of registered users in its first month of operation.
The financial results for the first quarter of 2024 confirm Grupo Bafar's solid financial position, which allowed it to make strategic investments of close to $794.4 million pesos, and promise an encouraging future for the company due to the record figures it managed to record this quarter. These investments were mainly allocated to projects in the real estate division, and to remodeling distribution centers and stores in the food division, as well as to digitalization projects and the new pepperoni line at the La Piedad plant.
These great results are a reflection of the important changes that have been implemented in all the Group's businesses to adapt to market conditions and that give certainty to the solid pillars on which Grupo Bafar was built and that lay the foundations for the future of the consolidated company.
Eugenio Baeza Fares, Chairman of the Board of Grupo Bafar, expressed his satisfaction with the results obtained in the third quarter of 2023 and commented on Grupo Bafar's trajectory over the past 40 years. "Our company, Grupo Bafar, has forged a legacy of steady expansion, diversified adaptation and a firm commitment to national progress over four decades of history. During this time, we have demonstrated our ability to overcome challenges and periods of uncertainty through our relentless pursuit of innovation. This quarter, we reached a significant milestone with record revenues, reflecting the continued success of our business strategy and the ongoing support of our customers and partners," said Baeza Fares.
For more information:
Luis Carlos Piñón Reza
lpinon@bafar.com.mx
https://inversionistas.grupobafar.com/reportes-trimestrales/
