NEW YORK--(BUSINESS WIRE)--
Javer, the #1 provider of INFONAVIT loans nationwide, keeps posting solid and consistent results. Following a record-high performance in 2022 (highest net income in its history), the homebuilder stepped into 2023 on the right foot, recording double-digit growth rates in both top and bottom lines, with better margins in each, propelled by its strong focus on middle-income and residential segments.
In this sense, over the past years, Javer has made strides in improving its sale mix, shifting it towards more profitable segments. During this first quarter, it opened a new phase in one of the projects located in the state of Nuevo León, aimed at serving the middle-income segment, and making it the first of the 11 national openings expected for this year.
Breaking down the quarterly performance, Javer sold 2.3% more units compared to the same period last year. Especially noteworthy was the 19.6% hike in residential units sold, as it pushed this segment to reach a 15.5% share of total units sold, a 2.3 p.p. increase when compared to the 1Q22 sales mix. This is reflected in the average sales price, which rose 8.3% YoY to Ps.685.1 thousand.
1Q23 revenues grew 10.9% YoY to stand at Ps.2,057 million mainly driven by higher sales in both segments and on a lesser scale, the 49.1% surge in commercial plot sales (only 0.6% of the mix). All in all, the results of Javer's continued approach can be observed on the bottom lines. Gross profit was Ps.599 million (+16.0% YoY) with a 29.1% margin (+1.3 p.p. YoY), EBITDA amounted to Ps.239 million (+13.9% YoY) with an 11.6% margin (+0.3 p.p. YoY), and net income rose to Ps.60 million (vs. Ps.20 million in 1Q22) with a 2.9% margin (+1.8 p.p. YoY).
Pleased by the performance, on its message to investors, Mr. René Martínez, Chief Executive Officer of the Company stated, ¨The excellent results obtained in this first quarter of the year allow us to reaffirm our annual guidance, with the expectation of obtaining a revenue growth of around 10%, and double-digit EBITDA growth¨.
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