Gruma reported that in the first quarter of this year its operating flow totaled 264.4 million dollars (million dollars), 26 percent more than that registered in the same quarter of last year, when it was 210.6 million dollars.
Net sales increased four percent compared to the same period in 2023, going from $1,585.6 million to $1,647.3 million.
He detailed that in the quarter sales from its operations outside Mexico represented 71 percent of the consolidated figures.
At the end of the first quarter of the year, the company’s sales volume stood at 1,075 million metric tons.
Net profit was 111.0 million dollars, 46 percent higher than that of the same quarter of 2023, when it was 75.8 million dollars.
The company’s debt remained stable at $1,902 million, due to lower working capital needs and debt amortization in previous quarters; this led to a Net Debt/Ebitda ratio of 1.34 times.
The company said that it began 2024 with a solid growth trend, thanks to its operations outside Mexico and its permanent innovation with the creation and introduction of new tortilla presentations, mainly in the United States.
In the United States, its most relevant market globally, sales grew two percent and Ebitda expanded by 15 percent.
“These results were due to the growing trends in tortilla consumption and its diverse uses among Hispanic and Anglo-Saxon consumers, as well as the constant recovery of the corn flour business with the incorporation of more clients and consumers,” Gruma indicated. .
In its operations in Europe, thanks to the demand and taste for Mission products, as well as a significant commercial effort to expand the distribution of tortillas in the region, sales volume grew eight percent and operating flow registered a growth of 63 percent.
Regarding the Asia and Oceania region, high demand for products in China and Malaysia drove sales volume growth of five percent and sales growth of two percent in the reported quarter.
