Grupo Bafar Reports Third Quarter 2024 Results
CHIHUAHUA, Mexico, Oct. 28, 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 third quarter of 2024, highlighting solid growth in its main divisions.
Third Quarter 2024 Results
- Net sales were $7,115.6 million pesos.
- Gross profit increased 11.3% with a margin of 30.3%.
- Operating income increased 18.4%, and EBITDA increased 24.5%.
In the third quarter of 2024, Grupo Bafar shows outstanding growth and economic performance. The company stood out with a 14.8% increase in net sales, reaching Ps. 7,115.6 million. This growth is mainly due to a 6.9% increase in Bafar Alimentos sales volume, as well as an increase in value-added products and exports to the U.S. market.
The food division generated revenues of Ps. 6,810.0 million, representing a 13.9% growth compared to the previous year. This advance is attributed to a 5.9% increase in sales volume, driven by a greater market share in high value-added products and international growth. In addition, the division continues to advance in digitalization and process modernization projects to improve efficiency. The Research and Technological Development Center has begun to operate with PLM software, which optimizes the development of new products, redesigns and evaluates raw materials, from ideation to commercialization.
Fibra Nova reported a 26.8% increase in revenues, reaching Ps. 331.5 million, of which Ps. 323.0 million came from rentals, up from Ps. 261.4 million the previous year, thanks to new rental contracts, including Visteon, Regal and ZF, as well as a new agro-industrial property. Accumulated income amounted to Ps. 942.6 million, 21.4% more than last year. In addition, 132,755,704 CBFIs were issued, raising 3,451.7 million pesos to restructure bank liabilities and finance the development of industrial warehouses in Ciudad Juárez and Chihuahua.
The financial division achieved a record portfolio, closing the period at 3,668 million pesos, with a default rate of 1.40%. This achievement results from a commercial strategy that offers liquidity solutions to SMEs and suppliers of various products and services. The backend systems of the new B Cash product were also stabilized, and the pilot test was extended to five cities, with plans for a national launch in the first quarter of 2025.
The agro-industrial division completed its fourth grape harvest, selling 90 tons to third parties and processing 45 tons internally. This marked our first experience processing our own grapes. In addition, we completed the first stage of construction of Valle de los Encinos, which includes a winery and a restaurant.
Through the third quarter, we accumulated capital expenditures of Ps. 3,100.7 million, mainly for industrial properties under development in Ciudad Juárez, Parque Norte in Chihuahua and Parque Tecnológico Bafar 3. The food division continues to grow, with the remodeling of distribution centers and new investments focused on the opening of points of sale, new distribution routes for the traditional channel and fleet renewal.
These results clearly reflect Grupo Bafar's digitalization and expansion strategy in all its divisions, which allows us to take advantage of current opportunities and guarantee the business's sustainability. The continuous modernization of our processes through digital projects enables us to increase our capabilities, access new markets, and foster organic growth in the retail division.
For more information:
Luis Carlos Piñón Reza
