San Pedro Garza Garcia / MX. (gr) «Continuing with the trends we saw during the final months of 2021; the new year began with very promising fundamentals that we expect to drive growth in our business over the course of 2022. To shield profitability during the year, price increases are continuously being analyzed relative to the unprecedented inflation levels facing the commodity and labor markets. In the U.S. our volumes remain healthy, our tortilla business continues to thrive through its «Better for You» product line, and our corn flour operations reached record levels in sales. In Mexico, demand for corn flour keeps ramping up while the strong momentum in retail tortilla in Europe is ongoing, a trend we have seen since the first quarter of last year,» Mexico’s Gruma S.A.B. de C.V. said in its statement for the first quarter 2022.
Sales volume increased 3 percent to 1,043 thousand metric tons compared to Q1-2021 driven mainly by the U.S. division. Net sales increased 17 percent to USD 1.3 billion due to the implementation of price increases in all divisions during 2021 and 1Q22; and higher sales volume in the U.S., Europe, and Asia and Oceania divisions. Sales from non-Mexican operations represented 75 percent of consolidated figures. Operating income decreased by 7 percent to USD 116.1 million. Operating margin decreased 240 basis points to 9.2 from 11.6 percent. For additional information please read the company’s PDF file below (419 KB):
20220423-GRUMA-Q1-2022.