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Bimbo achieves record operating flow for a second quarter

July 28, 2021 | 4:52 pm

During the second quarter of 2021, Bimbo’s EBITDA increased 5.9%, to 12,056 million pesos, a record for a similar period that resulted from the company’s good performance in some markets.

Sales of the Mexican bakery decreased 2.9%, to 83,789 million pesos as a reflection of the effect of the exchange rate and a complicated comparison, due to panic purchases in the same period of the previous year due to the pandemic.

Excluding the effect of the appreciation of the peso against the dollar, Bimbo’s revenues increased 6.6% driven by the growth of the volume of its products in most of the regions where it has a presence, according to the report sent this Wednesday to the Mexican Stock Exchange.

We continued to see strong demand and extraordinary growth rates, we maintained and increased our market share in our key categories, and we saw a recovery in those channels and categories most affected during the pandemic.

said Daniel Servitje, CEO of Bimbo

Mexico was the most important region for Bimbo in the quarter, where sales increased 14.7% annually, as most of the categories and channels showed growth, mainly pastries, sweet bread, bread, bars and snacks.

This scenario was coupled with a combination of rising consumer prices and product mix, the company explained in its financial results.

The North American and Latin American markets did not suffer the same fate, as revenues in those regions decreased 13.5% and 1.7%, respectively, while in the Europe, Asia and Africa division they grew 13.2%.

The majority net profit had an increase of 18.6%, to close the quarter at 3,065 million pesos. The company benefited from savings and cost reduction projects related to COVID-19.

In the period from April to June, Bimbo issued, through its subsidiary Bimbo Bakeries USA, $ 600 million in debt maturing in 2051 in international markets, for general corporate purposes.

So far this year, Bimbo shares accumulate a 4.26% increase and this Wednesday they closed at a price of 45.06 pesos.

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