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• Consolidated Sales: MXN59 billion, a growth of 6.6% in the quarter.

• Consolidated Operating Income: MXN7 billion, up from MXN6.4 billion in Q4 2023.

• Consolidated EBITDA: MXN9.2 billion, compared to MXN8.6 billion a year ago.

• EBITDA Margin: Improved by 20 basis points from 15.5% to 15.7%.

• Consolidated Controlling Net Income: Grew 27.1% to MXN4.2 billion, from MXN3.3 billion last year.

• Grupo Sanborns Sales Increase: 2.2% due to promotions and new product launches.

• Grupo Sanborns Operating Income: MXN2.5 billion, up from MXN1.1 billion a year ago.

• Grupo Sanborns EBITDA Margin: Recovered from 7.4% to 12.7%.

• Grupo Sanborns Net Income Improvement: 83.6% increase.

• Retail Area Stores: Ended with 451 stores, with openings and closings noted.

• Grupo Condumex Sales: MXN12.7 billion, up from MXN10.3 billion last year.

• Grupo Condumex Operating Income and EBITDA: MXN1.3 billion and MXN1.5 billion, respectively.

• Carso Infraestructura y Construccion Sales: MXN10.9 billion.

• CICSA Operating Income and EBITDA Decrease: Down 58.4% and 53.7%, respectively.

• CICSA Controlling Net Income: Reduced 52.1% to MXN749 million.

• CICSA Backlog: MXN23.9 billion, down from MXN33.3 billion a year ago.

• Elementia/Fortaleza Sales Increase: 12.3% to MXN8.8 billion.

• Elementia/Fortaleza Operating Income and EBITDA Growth: 344% and 24.6%, respectively.

• Carso Energy Sales Increase: 9.7% to MXN959 million.

• Carso Energy Operating Income and EBITDA: MXN733 million and MXN842 million, respectively.

• Carso Energy Net Result: MXN356 million.

• Zamajal Division Revenue: Additional MXN364 million recorded.

• Zamajal Division Operating Result: Loss of MXN313 million.

• Zamajal Division EBITDA: MXN243 million, compared to a loss of MXN2.3 million a year ago.

• Warning! GuruFocus has detected 4 Warning Signs with GPOVF.

Release Date: January 28, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Consolidated sales of Grupo Carso SAB de CV (GPOVF) grew by 6.6% in the fourth quarter, reaching MXN59 billion.

• Grupo Sanborns recorded a significant improvement in profitability, with operating income increasing from MXN1.1 billion to MXN2.5 billion.

• Elementia/Fortaleza saw a 12.3% increase in sales, driven by higher volumes and favorable exchange rates.

• Carso Energy's performance improved by 9.7%, with increased tariffs from natural gas transportation services contributing to higher sales.

• The consolidated controlling net income grew by 27.1%, reflecting better operating and financial results.

Negative Points

• Carso Infraestructura y Construccion experienced a 5.8% reduction in sales due to the completion of large infrastructure projects.

• The operating income and EBITDA for Carso Infraestructura y Construccion decreased by 58.4% and 53.7%, respectively.

• Zamajal division reported a loss of MXN313 million in operating results due to start-up activities.

• Grupo Sanborns closed two Sears stores, indicating a potential challenge in maintaining profitability in certain locations.

• The backlog for Carso Infraestructura y Construccion decreased from MXN33.3 billion to MXN23.9 billion, suggesting a decline in future project opportunities.