Grupo Bafar Reports Fourth Quarter 2023 Results
CHIHUAHUA, Mexico, Feb. 15, 2024 (GLOBE NEWSWIRE) -- Grupo Bafar, S.A.B de C.V. (BMV: BAFARB), a recognized leader in the Mexican food sector, has announced its results for the fourth quarter of 2023, highlighting solid growth in its main divisions.
Results for the Fourth Quarter of 2023
Net sales amounted to $6,925.0 million pesos.
Gross profit increased 41.7% with a margin of 31.0%.
Operating income increased 40.7%, and EBITDA increased 25.1%.
During the fourth quarter of 2023, 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 operating results and financial margins, 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 recorded revenues of $6,641.9 million pesos, and opened a new distribution center in El Paso, Texas fortifying the presence of the Group in the United States. The division also inaugurated a new Pepperoni plant at the Agroindustrial Complex in La Piedad, Michoacán.
The real estate division experienced an increase of 16.2% in dollars, reaching $15.6 million. Total sales were $273.3 million pesos, this increase is due to the commencement of leasing of the Essilor, Regal and ZF warehouses. We also completed the acquisition of the 50 hectares located in the city of Chihuahua for the development of an industrial park, with the intention of continuing to take advantage of the nearshoring phenomenon in Mexico.
The financial division recorded a 48% financial margin and placed $4,008.4 million pesos during the year. Also the development of the "B-Cash" application was completed and will begin its pilot test in early 2024. This project will grant loans to micro, small and medium-sized restaurateurs (customers of Carne Mart stores) in a simple, fast, agile and digital way in less than 5 minutes.
The financial results for the fourth quarter of 2023 confirm Grupo Bafar's solid financial position, which allowed it to make strategic investments of close to $4,818.5 million pesos. These investments were mainly to real estate division projects, including the construction of an industrial park in Ciudad Juarez and a new industrial park in the city of Chihuahua.
These impressive outcomes are a testament to the significant transformations undertaken across all sectors of the Group, effectively aligning with market dynamics. They affirm the steadfast foundation upon which Grupo Bafar was established, providing assurance for the company's enduring strength and setting a solid groundwork for its future endeavors.
Eugenio Baeza Fares, Chairman of the Board of Grupo Bafar, expressed his satisfaction with the results obtained in the fourth quarter of 2023 and commented on the employee’s hard work and commitment towards the company. "I would like to express my sincere appreciation to our customers and shareholders for their continued trust and support. I would also like to acknowledge the hard work and dedication of each member of our team, as it is you who make our continued success possible and allow us to continue to consolidate our position as one of the most important companies in Mexico."
Contact for investors:
Luis Carlos Piñon Reza
