Gruma: reports second quarter 2022 financial results

San Pedro Garza Garcia / MX. (gr) «As we continue to protect profitability in the face of ongoing inflationary pressures, market fundamentals remain positive across our subsidiaries, and our operations have responded well. Volumes continue to grow steadily in our various channels on the back of solid consumer demand. Our focus remains on expanding our overall output of tortilla across the world, thereby continuing to increase profitability, while managing inflation as we have done thus far,» Mexico’s Gruma S.A.B. de C.V. said in its statement for the first quarter 2022.

Sales volume increased 2 percent to 1,078 thousand metric tons compared to 2Q21 driven mainly by the U.S. division. Net sales increased 19 percent to USD 1.3 billion due to (1) the transferring of incremental costs and expenses to the top line of the income statement; and (2) higher sales volume in the U.S. and Europe. Sales from non-Mexican operations represented 75 percent of consolidated figures. Operating income decreased by 2 percent to USD 138.7 million. Operating margin decreased 210 basis points to 10.4 percent from 12.5 percent. Of note, there was a USD 6.3 million extraordinary gain in 2Q21 from the sale of a property. Excluding this effect, operating income would have increased by 3 percent. Ebitda remained flat at USD 186.6 million, and Ebitda margin decreased 260 basis points to 14.0 percent. For additional information please read the company’s PDF file below (384 KB):