Grupo Bimbo: Reports Third Quarter 2021 Results

Mexico City / MX. (gb) Mexico’s Grupo Bimbo S.A.B. de C.V. reported its financial results for the three months ended September 30, 2021.

Highlights of the Quarter versus Q3/2020

  • Despite the lack of comparability and FX rates pressure, Net Sales reached record levels for a third quarter, with an increase of 2.9 percent, mainly due to strong volume performance and price/mix across all regions. Excluding FX rate effect, Net Sales increased 9.8 percent
  • Despite a difficult comparison, Adjusted Ebitda 2 reported record levels for a third quarter, growing 6.9 percent, while the margin expanded 60 basis points to 14.7 percent
  • Net Majority Income improved by 11.9 percent with a margin expansion of 40 basis points
  • Return on Equity 3 reached 14.1 percent, an expansion of 270 basis points
  • Net Debt / Adjusted Ebitda ratio closed the quarter at 1.8 times
  • Cumulative Free Cash Flow totalled MXN 3.7 billion

Highlights of the Quarter versus Q3/2019

  • Net Sales increased 17.8 percent, mainly as a result of strong volumes and price/mix across every region
  • Adjusted Ebitda grew 26.2 percent, while the margin expanded 100 basis points
  • Net Majority Income more than doubled and the margin expanded 200 basis points
  • Return on Equity expanded 380 basis points, reaching 14.1 percent

Recent Developments

  • The Company completed three acquisitions: Kitty Bread, the second largest bread manufacturer in northern India; Aryzta do Brasil, Aryzta’s QSR business in Brazil; and Popcornopolis in the U.S., one of the fastest growing popcorn brands at retail channel
  • Grupo Bimbo announces its commitment to achieve Net Zero Carbon Emissions by 2050
  • Grupo Bimbo advanced towards its sustainability goals, as its operations in France, Italy, Russia and Türkiye are now operating with renewable electricity
  • For the fifth consecutive year, Grupo Bimbo occupied the first position in Merco’s ranking, as the Company with the best Corporate reputation in Mexico, and for the sixth consecutive year, Daniel Servitje was ranked the leader with the best reputation
  • Grupo Bimbo organized the 2021 Virtual Global Energy Race, and thanks to more than 294 thousand runners, more than 5.8 million slices of bread will be donated to food banks around the world
  • Grupo Bimbo debuted in sustainable financing with the renewal of its committed revolving credit facility through a sustainability-linked loan


«I am very pleased with our third quarter results. Despite challenging comparisons, a 6.5 percent pressure coming from FX rates, significant inflation and supply chain complexities, we have sequentially reported record Sales and Profits, and our Free Cash Flow has been consistently growing. Our strong results are a reflection of our teams’ dedication, global diversification, strong consumer demand, investments in our brands and pricing strategies,» says Daniel Servitje, Chairman and CEO, in the Group’s statement.

«We continue to benefit from being a diversified company as we see strong run rates in our core business and a recovery of the channels and categories that were under pressure during the beginning of the pandemic. We have also achieved substantial and sustainable productivity savings from capital and restructuring investments, leading us to reach record Profits for a third quarter,» says Diego Gaxiola, CFO, in the same statement. For additional information please read the company’s PDF file below (472 KB).