Grupo Bafar Reports Third Quarter 2023 Results
CHIHUAHUA, Mexico, Oct. 18, 2023 (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 third quarter of 2023, highlighting solid growth in its main divisions.
Results for the Third Quarter of 2023
- Net sales amounted to $6,197.6 million pesos.
- Gross profit increased 22.2% with a margin of 31.3%.
- Operating income increased 26.9%, and EBITDA increased 19.8%.
During the third 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 $5,977.8 million pesos, and continues to promote digitalization and process modernization projects to make them more efficient. In addition, the division achieved SQF re-certification for food quality and safety at the chicken nugget plant and is about to inaugurate the Pepperoni plant at the Agroindustrial Complex in La Piedad, Michoacán.
The real estate division experienced an increase of 18.7% in dollars, reaching $15.4 million. Total sales were $261.2 million pesos, mainly due to the appreciation of the peso against the dollar. 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 49% financial margin and continued its upward trend in loan placements, placing $2,926.7 million pesos during the quarter. This is reflected in the increase in the division's revenues and in its loan portfolio balance.
The financial results for the third quarter of 2023 confirm Grupo Bafar's solid financial position, which allowed it to make strategic investments of close to $2,988 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.
These great results reflect 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 third quarter of 2023 and commented on Grupo Bafar's trajectory over the last 40 years. "Our trajectory of exponential growth, diversification and great interest in contributing to the country's development are some of the characteristics that describe Grupo Bafar's 40 years of history. Added to continuous innovation are the keys that have strengthened us over the years during which we have faced endless challenges and turbulent times from which we have always emerged victorious," said Baeza Fares.
For more information:
Luis Carlos Piñon Reza
