Grupo Bafar Reports Fourth Quarter and Full Year 2022 Results
CHIHUAHUA, México, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Grupo Bafar, S.A.B de C.V. (BMV: BAFARB) recognized as one of the main companies in Mexico within the food business, with an important participation in various sectors, such as agroindustrial, finance, and real estate, has announced its results for the full year of 2022.
FY 2022 HIGHLIGHTS
- Net sales increased 19.9%.
- Volume sales increased 11.4%.
- EBITDA increased 13.1%.
- Investments during the year of more than MXN $3,470 million (US $179 million)
- Revenues from the real estate division increased by 45.6%, characterized by being a historic year as it surpassed the one billion pesos mark in revenues.
- Issue of credit in the financial division continues to rise. In 2022, the issue of credit registered 5 years ago was doubled and an increase of 49.5% in revenue was recorded.
Revenues for the full year amounted MXN $24,824 million (US $1,282 million), achieving an increase of 19.9% compared to MXN $20,697 million (US $1,069 million) in 2021. The growth in sales was driven by a significant increase of 11.4% in sales volume in the food division. This increase is mainly derived from the strengthening of brands and the execution of expansion plans in Mexico. Regarding the US market, the performance registered in 2022 allows to continue with the expansion plan of Bafar Alimentos, where new investments are planned for 2023 that will position the company with the capacity to continue expanding its participation in the United States.
For the real estate division, represented by FIBRA NOVA (BMV: FNOVA17), 2022 was a historic year as it surpassed the one billion pesos mark in revenue. Total revenues amounted to MXN $1,005 million (US $50,091 million) presenting an increase of 45.6% over the previous year. The growth is derived from the expansion in the leasing of industrial buildings in the north of the Mexico, where the effect generated by nearshoring leaves the real estate division positioned to take advantage of the demand for industrial spaces in the coming year.
The financial division increased its income by 49.5%, derived from the growth in the issue of business loans and the increase in reference rates. The issue of credit continues with an upward trend; At the end of the year, total credit issued was located at MXN $3,978 million (US $205 million), managing to double the credit issued 5 years ago.
The current results are accompanied by a solid financial position and a flow generation capacity that allowed investments of more than MXN $3,470 million (US 179 million) in 2022, which were mainly destined to the expansion of the real estate portfolio, but also to the increase in sales, logistics and production capabilities of the food division that will support expansion plans in Mexico, as well as in the United States.
| Consolidated Results | MXN | USD | Var % | ||||
| In thousands | 2021 | 2022 | 2021 | 2022 | |||
| Net Sales | 20,697,312 | 24,823,946 | 1,068,993 | 1,282,129 | 19.9% | ||
| Operating Income | 2,345,575 | 2,599,796 | 121,146 | 134,277 | 10.8% | ||
| Operating Margin | 11.3% | 10.5% | 11.3% | 10.5% | |||
| EBITDA | 2,854,742 | 3,228,678 | 147,444 | 166,758 | 13.1% | ||
| EBITDA Margin | 13.8% | 13.0% | 13.8% | 13.0% | |||
| Net Income | 1,458,003 | 2,609,831 | 75,304 | 134,795 | 79.0% | ||
| Net Margin | 7.0% | 10.5% | 7.0% | 10.5% | |||
| *Exchange rate of $19.3615 per USD $1.0, which corresponds to the rate at the close of December 31, 2022, according to Mexico’s National Bank. | |||||||
Eugenio Baeza Fares, Chairman of Grupo Bafar, commented, “In 2022 we managed to show once again, despite the macroeconomic pressures, our ability to continue finding opportunities that allow us to excel and present results that reflect the great work of our people.”
In addition to the financial results, Grupo Bafar also stands out for its commitment to continuously strengthen its Corporate Governance, where in 2022 they took an important step by announcing the incorporation of two new independent members to its Board of Directors. The appointment of Gabriela Sepúlveda Elizondo and Maria Ariza Garcia is aligned with Grupo Bafar corporate priorities, adding diversity and relevant skills in commercial and financial areas, which will further strengthen the solid decision-making process.
For more information, contact:
Luis Carlos Piñón Reza
Forward looking statements
The information contained in this report may include certain statements with regarding the expected financial and operating performance of Grupo Bafar, which are based on financial information, operating levels and market conditions prevailing at date, as well as estimates by the company's management in relation to possible future events. The financial information presented has not been audited.
