In This Article:
-
Consolidated Sales: 49 billion pesos, up 8.3% year-over-year.
-
Operating Income: 5.3 billion pesos, down from 5.6 billion pesos in Q2 2023.
-
EBITDA: 7.2 billion pesos, compared to 7 billion pesos a year ago.
-
EBITDA Margin: Decreased by 80 basis points from 15.5% to 14.7%.
-
Consolidated Controlling Net Income: 3 billion pesos, up 6.9% from 2.8 billion pesos last year.
-
Grupo Amples Sales: 15.5 billion pesos, a 1.5% reduction from 15.8 billion pesos in Q3 2023.
-
Grupo Amples EBITDA: Reduced by 39.2%, with net income at 407 million pesos compared to 858 million pesos last year.
-
Sales Floor: Stable at 448 stores with the opening of one new dark store, one shop, and three stores in Acapulco.
-
Industrial Division Sales: 13 billion pesos, up from 10.3 billion pesos last year.
-
Carso Energy Sales: 910 million pesos, up from 878 million pesos last year.
-
Elementia Sales: Increased by 13.7% from 7.8 billion pesos to 8.9 billion pesos.
Release Date: October 29, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Consolidated sales increased by 8.3% to 49 billion pesos, driven by higher volumes and favorable exchange rates.
-
Grupo Carso SAB de CV (GPOVF) reported a 6.9% growth in consolidated controlling net income, reaching 3 billion pesos.
-
Carso Energy's revenues increased due to exchange rate effects and natural gas transportation services.
-
The industrial division saw improved performance with a significant increase in sales of construction and automotive cables.
-
The company is benefiting from nearshoring trends, particularly in the automotive and construction sectors.
Negative Points
-
Consolidated operating income decreased to 5.3 billion pesos from 5.6 billion, reflecting lower profitability.
-
EBITDA margin declined by 80 basis points from 15.5% to 14.7%.
-
Grupo Amples experienced a 39.2% reduction in EBITDA due to higher costs and operating expenses.
-
The backlog for construction projects is limited to existing contracts, with no new government projects included.
-
The oil operations recorded a loss of 145 million pesos, indicating challenges in this segment.
Q & A Highlights
Q: Could you give us more color on the resolution in operating profit for Grupo Sanborns and the construction division backlog? A: One of the main cost increases in Grupo Sanborns is labor, due to rising minimum wages in Mexico. We are working on improving productivity to offset these costs. Additionally, we are finalizing changes to our credit models, which have impacted us recently. Regarding the construction division, the current backlog is based on signed projects, not including potential new government projects. We aim to participate in future government projects, but currently, our backlog consists of private business and ongoing projects.