During the third quarter of the year, Gruma reported that its net sales reached 1,623.4 million dollars (mdd), representing a decrease of 4.2 percent compared to the same period of the previous year. However, its operating income increased by 3.4 percent, reaching 288 mdd.
The decline in sales was due to a lower volume recorded in the third quarter, dropping from 1.093 million metric tons to 1.086 million tons. Despite this decrease, the company indicated that the demand for tortillas worldwide continues to grow, especially in the United States and Europe.
In the United States, sales fell by 2.4 percent, from 939.5 mdd to 917.4 mdd, with sales volume of 398 thousand tons. On the other hand, in Europe, volumes remained stable at 102 thousand tons, with a five percent increase in net sales, reaching 117.9 mdd. In Asia and Oceania, sales grew by 4.6 percent to 68.1 mdd, with stable volumes at 25 thousand tons.
In Central America, there was a growth of 5.17 percent in sales volume and a 10.3 percent increase in net sales, reaching 99.3 mdd. In Mexico, the sales volumes of Grupo Industrial Maseca (GIMSA) remained at 437 thousand tons, with a decrease of 1.3 percent in net sales due to price declines.
Net sales and EBITDA from operations outside of Mexico represented 74 percent and 81 percent of the total, respectively. The majority net income for the period was 128.7 mdd, six percent less than the same quarter of the previous year. During the quarter, Gruma reduced its debt by 145 mdd compared to the same period last year, totaling 1,844 mdd, improving its net debt/EBITDA ratio from 1.68 to 1.2 times.
In the third quarter of the year, Gruma made capital investments of 58 mdd, aimed at general improvements and maintenance within the company, replacement of operational equipment in the United States, and increasing production in the tortilla plants in Mexico.
