San Pedro Garza García / MX. (gr) Gruma S.A.B. de C.V. reported Q3/2018 financial results. Highlights:
- Gruma’s performance in the third quarter of 2018 showed volume and net sales growth in all regions, with Consolidated Ebitda rising at the same rate as net sales.
- Consolidated sales volume rose 3 percent. Net sales grew 8 percent in connection with volume growth, price increases at Gimsa, and the Peso weakness effect. Net sales grew despite an impact of 146 million MXN resulting from the adoption of International Financial Reporting Standard 15 (IFRS 15), effective January 2018, by which some selling expenses were reclassified as a deduction to net sales.
- Consolidated Ebitda rose 8 percent driven by increases at all subsidiaries, other than Gruma Europe, and from the Peso weakness effect. Ebitda margin remained flat at 16.4 percent.
- Majority net income was affected by a higher comprehensive financing cost, and by a higher effective tax rate, both due to non-recurring events in Q3/2017.
- Sales and Ebitda from non-Mexican operations represented 73 percent and 71 percent, respectively, of consolidated figures. The company reported USD 1.1 billion of debt at quarter-end, USD 91 million less than at the end of Q2/2018. Net Debt/Ebitda ratio was 1.4x.
For additional information please read Gruma’s PDF file below (1363 KB).
20181030-GRUMA-Q3-2018.