NEW YORK--(BUSINESS WIRE)--
The home builder announced that its net revenues grew by 18.4% in the second quarter of 2023 (2Q23), reaching MXN 2,303.5 million, up from MXN 1,944.8 million in the same period in 2022. This is based on a 3.9% increase in units sold and a 14.2% rise in price. In 6M23, the company achieved increases in net revenues and its average sales price by 14.8% and 11.3% respectively, compared to 6M22, thus managing to exceed the barrier of MXN 700 thousand per unit.
The real estate company sold 3,163 units between April and June 2023 and in the first six months of the year it sold 6,148 houses, a figure that represents a 3.1% increase compared to the first half of 2022.
Of the total units sold in 2Q23, 85.8% were financed through INFONAVIT, 4.0% through FOVISSSTE, 1.8% through COFINAVIT, 5.3% through financial institutions, and 3.1% through other loans.
The EBITDA for 2Q23 amounted to MXN 394.1 million, exceeding the amount of MXN 327.7 million in 2Q22 by 20.3%. In cumulative terms, EBITDA grew by 17.8% in the first six months of the year to MXN 633.5 million, up from MXN 537.9 million reported in the same period last year.
The company's net debt at the end of June stood at MXN 1,054.7 million, and its ratio to EBITDA is 0.93 times. This metric has been improving over time and reached historical minimum levels for the company at the end of 2Q23.
The company registered a 20.8% decrease in the Comprehensive Financing Cost (CFC) to MXN 90.8 million in 2Q23, down from MXN 114.7 million in 2Q22, as a result of gains from banking investments and financial derivatives.
The company achieved a strong Free Cash Flow (FCF) performance in 2Q23 and 6M23, reporting MXN 318.1 million and MXN 107.7 million, respectively, driven by improved results and efficient working capital management.
The earnings per share for 2Q23 were MXN 0.49, and MXN 0.70 for 6M23. Dividend payment is expected in August.
With these solid results, it is expected that the growth trend will continue in the near future in this key company for the housing sector in Mexico.
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