Mexico City / MX. (gb) Mexico’s Grupo Bimbo S.A.B. de C.V. reported its results for the three months ended March 31, 2022.
Highlights of the Quarter versus Q1/2021
- Net Sales reached a record level for a first quarter at MXN 93,321 million, an increase of 17.7 percent, primarily due to strong volumes and price/mix performance across every
- Adjusted Ebitda grew 11.9 percent; while experiencing margin compression of 70 basis points mainly due to higher raw material costs
- Net Majority Income improved by 10.4 percent and the margin contracted 30 basis points
- Return on Equity reached a record 15.8 percent
- Net Debt / Adjusted Ebitda ratio closed the quarter at 1.8 times
Recent Developments
- Grupo Bimbo signed an agreement to sell its confectionery business, «Ricolino». This strategic decision will enable Grupo Bimbo to become a stronger global leader in grain-based foods and to focus on its baking and snacks industries
- For the sixth consecutive year, Ethisphere Institute named Grupo Bimbo as one of the World’s Most Ethical Companies in 2022
- The Brazilian organization started operating with 100 percent renewable electric energy; with this, 93 percent of global operations are using renewable energy (versus 2019 base) and 21 countries now use clean energies
Commentary
«We had a very strong start to the year. Topline performance was exceptional, as we reached a record level of sales for a first quarter and gained market share in several categories. Our volumes grew across all our organizations as a reflection of the high demand we are experiencing and that our brands are resonating with our consumers,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.
«Our results for the quarter were outstanding, especially when we consider the tough comparison from the remarkable results in the first quarter of 2021 we are cycling, overall inflation, and the complicated operating environment in several countries. We will continue working tirelessly on pulling the right levers to offset most of these effects,» says Diego Gaxiola, CFO, in the same statement. For additional information please read the company’s PDF file below (457 KB).
20220426-BIMBO-Q1-2022.