The Federal Electricity Commission (CFE) reported Profits of 1,869 million pesos during the first quarter of 2024, which meant a crash of 94.1 percent compared to the same period of the previous year, according to data provided to the Mexican Stock Exchange (BMV).
This was the start of the year with the lowest profits in the last three yearssince in 2022 and 2023 it recorded profits of 8.7 and 32.1 billion pesos, respectively.
Within the report it was observed that the total income added up 147 thousand 750 million pesoswhich represented a slight contraction of 0.7 percent annually.
“This decrease is caused by a lower demand in the sale of fuels To thirds energy and transportation services, mainly,” argued the company led by Manuel Bartlett.
In a disaggregated manner, income from energy sales increased 3.2 percent, going from 108,614 million pesos to 112,121 million pesos, while income from subsidies grew by 6.5 percent.
In the expenditure item, operating costs recorded 117,542 million pesos, which meant a reduction of 4.5 percent annually.
“It is important to note that the operating profits and savings generated through different measures and policies of rationality, efficiency and financial strategy are being allocated to strengthening the Investment Program 2023-2024″, noted the CFE.
📄#Bulletin | CFE presents an increase in its income from the sale of energy, reduced its operating costs and its total assets grow more than its liabilities. Thanks to the measures of rationality, efficiency and financial strategy, CFE is ready to face the challenges in… pic.twitter.com/6YmYbIllCh
— CFEmx (@CFEmx) April 27, 2024
The energy company stated that with these resources it will seek to increase, modernize and rehabilitate the productive assets of generation, transmission and distribution to meet the growing demand for electrical energy, accelerate the energy transition in Mexicoand increase the productivity of the company.
The CFE debt was located in 425 thousand 728 million pesosa figure 3.3 percent higher than what was observed at the end of 2023.
“This was a result of the strategic implementation of liability management, the effect of the appreciation of the exchange rate and the financing of a part of the investment program that the Company has been developing in recent years,” he stressed.
