Station profits fell in the third quarter
During the third trimester of the year, the profits of the most important companies in the country and that make up the S&P/BMV IPC fell 26.1%, going from 104,714 million pesos to 77,374 million pesos.
In accordance with Janneth Quiroz, Director of Analysis at Monex, was factors such as exchange rate volatility which had both negative and positive effects on some companies.
On the other hand, Quiroz said that Sales advanced 0.4% and Ebitda, an indicator of profitability, 0.9% in the third quarter of 2023 against the same period, but last year.
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The reporting season for the third quarter of the year concluded, which remained in line with estimates. The companies that are part of the IPC presented sales growth of 0.4%, favored by the increase in prices and to a lesser extent volumes, the dynamism of the local/external economy and some low bases of comparison,” he explained.
As for the Ebitda, which is an indicator of profitability in companies, considered that the advance was slight, an increase of 0.9%, affected by inflationary pressures, which increase costs for companies. The strategy of transferring prices to the consumer remains active.”
For the specialist, A key factor in the period was the strength of the pesowhich involved challenges and benefits for various stations.
Cuervo was one of the companies with the weakest report of the quarter, in part due to the effect of the exchange rate. According to the company report:
Sales for the third quarter of 2023 decreased by 8.5% to 10,542 million pesos. Net sales in the RoW (Rest of World) region decreased 11.4%, compared to the third quarter of 2022, primarily due to currency translation effects. During the same period, sales in Mexico decreased 13.7%, due to volume reductions. Net sales in the US and Canada decreased 5.2% year over year despite a 6.8% increase in volume, demonstrating the impact of currency effects due to the appreciation of the Mexican peso against the US dollar.
Alfa also presented a weak report due to the effects that its subsidiary has had AlpekIn addition to this, it experienced exchange losses derived from the quarterly depreciation of the Mexican peso against the US dollar.
For its part, Bimbo had problems when converting sales from dollars to pesosIf the exchange rate had not appreciated, its sales in that region would have been 6.3% higher, but its report shows a drop of 10.8% due to this effect.
Chedrauiwith operations in the neighboring country, had a similar experience to that of the bakery company, in its financial report, it stated: “During the third quarter our consolidated net sales decreased 0.7%, totaling 64,294 million pesos, mainly explained by the impact of the appreciation of the Mexican peso against the US dollar on Chedraui USA figures.”
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