Skip to main content

Grupo Bafar Reports First Quarter Results 2024

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

CHIHUAHUA, Mexico, April 22, 2024 (GLOBE NEWSWIRE) — Grupo Bafar, S.A.B de C.V. (BMV: BAFARB), a recognized leader in the national food sector, has announced its results for the first quarter of 2024, highlighting solid growth in its main divisions.

First Quarter 2024 Results

  • Net sales amounted to $6,618.4 million pesos.
  • Gross profit increased 27.4% with a margin of 33.5%.
  • Operating income increased 19.0%, and EBITDA increased 19.5%.

During the first quarter of 2024, 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 financial margins and operating results, 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, Bafar Alimentos, recorded record revenues of $6,618.4 million pesos, a historic figure for a first quarter. In addition, the Division continues to drive digitalization and process modernization projects to make them more efficient. The Division also achieved SQF for Animal Prodict Manufacturing Edition 9 recertification at the Intergan Foods plant, and inaugurated the Pepperoni plant at the Agroindustrial Complex in La Piedad, Michoacán on February 1. This plant required an investment of $550 million pesos and will have a production capacity of up to 1,000 tons per month.

The Real Estate Division represented by FIBRA NOVA had an increase of 28.0% in dollar terms, reaching $17.9 million. Total sales were $303.8 million pesos, mainly due to the appreciation of the peso against the dollar. We also acquired an agro-industrial property located in the city of Chihuahua, which is leased for 15 years under a triple net (NNN) contract in dollars.

The Financial Division recorded a financial margin of 45%, placing $1,205.2 million pesos during the quarter. We have achieved a better segmentation of contracts for our customers, which is reflected in the decrease of the delinquency rate, which is at 1.23%. We also started the pilot test of the B- Cash application, which has proven to be a complete success due to the number of registered users in its first month of operation.

The financial results for the first quarter of 2024 confirm Grupo Bafar’s solid financial position, which allowed it to make strategic investments of close to $794.4 million pesos, and promise an encouraging future for the company due to the record figures it managed to record this quarter. 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 the La Piedad plant.

These great results are a reflection of 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 past 40 years. “Our company, Grupo Bafar, has forged a legacy of steady expansion, diversified adaptation and a firm commitment to national progress over four decades of history. During this time, we have demonstrated our ability to overcome challenges and periods of uncertainty through our relentless pursuit of innovation. This quarter, we reached a significant milestone with record revenues, reflecting the continued success of our business strategy and the ongoing support of our customers and partners,” said Baeza Fares.

For more information:

Luis Carlos Piñón Reza
lpinon@bafar.com.mx
https://inversionistas.grupobafar.com/reportes-trimestrales/

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.