Bimbo earns 224 million dollars in the first quarter

2023-04-28 05:16:16

the mexican group Bimbothe world’s largest bakery, reported this Thursday benefits net of 4,046 million pesos (224 million dollars) during the first quarter of 2023. This majority net income fell 9.4% with respect to that observed in the same period of 2022, when Bimbo registered benefits of 4,465 million pesos (247 million dollars).

“Our results for the quarter continue to be very strong, especially when we consider the complicated base of comparison of last year,” commented the global director of Administration and Finance of Bimbo, Diego Gaxiola, in his report to the Mexican Stock Exchange (BMV). that last year there was “a high inflation environmenteven higher raw materials compared to the previous year due to the hedges we implemented during the second half of 2022, a complex operating environment in some markets and, a negative effect of the exchange rate”.

For his part, Daniel Servitje, Chairman of the Board and CEO of Bimbo, pointed out that the Mexican multinational started the year with “a very strong first quarter” and said he was “very proud of the hard work of its employees around the world, as well as as he recognized his resilience to “navigate in a complicated environment of high inflation. “We continue to see the benefit of the pricing strategy implemented during 2022, which allowed us to exceed our expectations and the results of 2022,” he added.

Grupo Bimbo also reported a record level of sales for a first quarter totaling 99,565 million pesos (5,522 million dollars), which meant an advance of 9.9%, compared to 90,570 million pesos (5,023 million dollars) in the first three months of 2022.

This result in the bakery’s sales was mainly driven by the marketing of its various products in the North American region, with half of the sales, followed by Mexico, Europe and Latin America. In the North American region, Bimbo recorded a 15.3% growth in its sales, in dollar terms, “mainly reflecting the benefit of the successful implementation of price increases,” according to its report. The most outstanding performances were from its “premium” bread and snacks segments.

In Mexico, Bimbo posted an increase of 19.8% in its sales, “despite the complicated base of comparison”, which was attributable to the “favorable performance of the mix of prices and products”. The categories of cookies, bread, sweet bread, cakes and snacks registered double-digit growth, as well as all channels, especially convenience and self-service.

At the end of 2022, Grupo Bimbo reported net profits of 46,910 million pesos (2,601 million dollars) in 2022, 195% more than the result of 2021, which was 15,916 million pesos (882 million dollars).