Grupo Bafar Reports Second Quarter Results 2024
CHIHUAHUA, Mexico, July 22, 2024 (GLOBE NEWSWIRE) -- Grupo Bafar, S.A.B de C.V. (BIVA: BAFARB), a nationally recognized leader in the food sector, has announced its results for the second quarter of 2024, highlighting solid growth in its main divisions.
Second Quarter 2024 Results
- Net sales were $6,864.8 million pesos.
- Gross profit increased 18.9% with a margin of 32.5%.
- Operating income increased 13.4%, and EBITDA increased 16.2%.
During the second quarter of 2024, Grupo Bafar reaffirms its position as one of the leading food companies in Mexico. The company stands out in this period thanks to its solid and steady growth in financial margins and operating results, evidencing sound 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 $6.597 billion pesos, a 7% increase over last year. The division continues to promote digitalization and modernization projects to make processes more efficient. The division also achieved SQF for Animal Product Manufacturing Edition 9 recertification at the Intergan Foods plant, and the ceremony for the new Bafar Alimentos Distribution and Logistics Center in El Paso, Texas, was held.
The real estate division represented by FIBRA NOVA had an increase in revenues of 20.4% reaching $307 million pesos. During the quarter, a 10-year lease agreement was signed with Brake Parts Inc. for a 312,540 sq. ft. industrial building located in the Bafar Industrial Park in Ciudad Juarez, and also with ATI Inc. for another 10 years for a 248,210 sq. ft. building in the Bafar North Park in the city of Chihuahua.
The financial division recorded a 10.9% increase in revenues while loan placements reached $2,374.1 million pesos so far this year. The default rate is 3.20%. The B-Cash application, which has proven to be a complete success due to the number of registered users in its first month of operation, continues to expand its pilot test reaching more and more customers.
The financial results for the second quarter of 2024 confirm Grupo Bafar's solid financial position, which allowed it to make strategic investments of close to $1,537.4 million pesos. These investments were mainly allocated to projects in the real estate division, and to remodeling distribution centers and stores in the food division, as well as to digitalization projects and the new pepperoni line at La Piedad plant.
These results are a reflection of the important changes that have been implemented in all the Group's businesses to adapt to market conditions and that give certainty to the solid pillars on which Grupo Bafar was built and that lay the foundations for the future of the consolidated company.
Eugenio Baeza Fares, Chairman of the Board of Grupo Bafar, expressed his satisfaction with the results obtained in the second quarter of 2024: "The second quarter has been a period of challenges that we have turned into opportunities to reaffirm our strengths. Thanks to our solid strategies and the dedication of our team, we have been able to maintain steady growth. Our history of success in times of adversity drives us to innovate and find ways to be more efficient and strengthen our competitive position," said Baeza Fares.
For more information:
Luis Carlos Piñón Reza
