NEW YORK--(BUSINESS WIRE)--
Javer, the #1 provider of INFONAVIT loans nationwide, ended 2022 on a high note by recording its best performance yet in terms of profitability, highlighting double-digit annual growth rates in Gross Profit (Ps.2,321 million, +10.4% YoY), EBITDA (Ps.1,202 million, +10.4% YoY) and Net Income (Ps.262 million, +79.6% YoY).
The bolstered sales mix, now heavily focused on the middle-income and residential segments, served as the main engine behind this result. It pushed up the 2022 average sales price by 13.9% to reach Ps.661.1 thousand, offsetting the 4.8% decline in homes titled (just as the 8.4% hike in the Ps.8,140 million net revenue attests) while supporting slight improvements of 0.5 p.p., 0.3 p.p., and 1.3 p.p., in the Gross, EBITDA, and Net Margins, respectively.
Quarterly wise, net revenues rose to Ps.2,168 million, gross profit was Ps.608 million, EBITDA totaled Ps.331 million, and net income sat at Ps.41 million.
On November 14, 2022, the Company drew down Ps.2,450 million from a recently-signed syndicated loan with guarantees, to settle the syndicated loan subscribed in 2019. Through its new debt structure, Javer extended the maturity profile until 2027 and enhanced the financial cost by 258 basis points.
The levels of gross debt and net debt in relation to EBITDA were at 2.11 and 1.07 times, performing record levels for the company. Such financial soundness is reflected in the recent Long- Term credit rating in national scale updates by Fitch Ratings, where Javer was upgraded from A-(mex) to A(mex).
Regarding Javer’s 2022 overall performance and 2023 prospects, Mr. René Martínez, Chief Executive Officer of the Company stated, ¨First of all, I am proud to tell you that for the 6th consecutive year, we were recognized as one of the best companies to work for.
During 2022, we started 7 projects, across 3 different states, underpinning the sales mix for the following years, while expecting 11 new openings during 2023.
The operating framework is also full of opportunities. There was an increase in the credit amounts granted from INFONAVIT, and in the maximum age to obtain a mortgage loan.
With this in mind, we face 2023 expecting to achieve growth of around 10% in revenues and double-digits in EBITDA, very similar to the one obtained in 2022.¨
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