GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS OF 2024
Grupo Simec reported financial results for the first nine months of 2024, showing mixed performance. Net sales decreased 23% to Ps. 24,828 million compared to Ps. 32,401 million in 2023, with shipments down 6%. The company's gross profit declined 23% to Ps. 6,203 million, while EBITDA decreased 31% to Ps. 5,189 million. Despite lower operational metrics, net income increased 125% to Ps. 8,587 million, largely due to comprehensive financial gains including exchange rate benefits. The average selling price decreased 18% compared to 2023, affecting both domestic and international sales.
Grupo Simec ha riportato i risultati finanziari per i primi nove mesi del 2024, mostrando una performance mista. Le vendite nette sono diminuite del 23% a Ps. 24.828 milioni rispetto a Ps. 32.401 milioni nel 2023, con spedizioni in calo del 6%. Il utile lordo dell'azienda è calato del 23% a Ps. 6.203 milioni, mentre l'EBITDA è diminuito del 31% a Ps. 5.189 milioni. Nonostante i parametri operativi inferiori, il reddito netto è aumentato del 125% a Ps. 8.587 milioni, principalmente grazie a guadagni finanziari complessivi, tra cui vantaggi derivanti dal tasso di cambio. Il prezzo medio di vendita è diminuito del 18% rispetto al 2023, influenzando sia le vendite nazionali che quelle internazionali.
Grupo Simec reportó resultados financieros para los primeros nueve meses de 2024, mostrando un desempeño mixto. Las ventas netas disminuyeron un 23% a Ps. 24,828 millones en comparación con Ps. 32,401 millones en 2023, con envíos a la baja del 6%. La utilidad bruta de la compañía cayó un 23% a Ps. 6,203 millones, mientras que el EBITDA disminuyó un 31% a Ps. 5,189 millones. A pesar de los indicadores operativos más bajos, el ingreso neto aumentó un 125% a Ps. 8,587 millones, principalmente debido a ganancias financieras integrales, incluidos beneficios por tipo de cambio. El precio medio de venta disminuyó un 18% en comparación con 2023, afectando tanto las ventas nacionales como las internacionales.
Grupo Simec는 2024년 첫 9개월 동안의 재무 실적을 발표했으며, 혼합된 성과를 보였습니다. 순매출은 23% 감소한 Ps. 24,828백만으로, 2023년 Ps. 32,401백만과 비교됩니다. 출하량은 6% 감소했습니다. 회사의 총 이익은 23% 감소한 Ps. 6,203백만이며, EBITDA는 31% 감소해 Ps. 5,189백만이 되었습니다. 운용 지표가 낮음에도 불구하고, 순이익은 125% 증가하여 Ps. 8,587백만에 이르며, 주로 환율 혜택을 포함한 포괄적인 금융 이익 덕분입니다. 평균 판매 가격은 2023년에 비해 18% 감소하여 내수 및 수출 판매 모두에 영향을 주었습니다.
Grupo Simec a rapporté des résultats financiers pour les neuf premiers mois de 2024, montrant une performance mitigée. Les ventes nettes ont diminué de 23% pour atteindre 24,828 millions de Ps contre 32,401 millions de Ps en 2023, avec des expéditions en baisse de 6%. Le bénéfice brut de l’entreprise a chuté de 23% pour atteindre 6,203 millions de Ps, tandis que l’EBITDA a diminué de 31% pour s’élever à 5,189 millions de Ps. Malgré des indicateurs opérationnels plus bas, le revenu net a augmenté de 125% pour atteindre 8,587 millions de Ps, principalement en raison de gains financiers globaux, y compris des avantages liés aux taux de change. Le prix de vente moyen a diminué de 18% par rapport à 2023, affectant aussi bien les ventes nationales qu'internationales.
Grupo Simec hat die finanziellen Ergebnisse für die ersten neun Monate des Jahres 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Nettoumsatz sank um 23% auf Ps. 24.828 Millionen im Vergleich zu Ps. 32.401 Millionen im Jahr 2023, wobei die Lieferungen um 6% zurückgingen. Der Bruttogewinn des Unternehmens ging um 23% auf Ps. 6.203 Millionen zurück, während das EBITDA um 31% auf Ps. 5.189 Millionen fiel. Trotz niedrigerer Betriebskennzahlen
- Net income increased 125% to Ps. 8,587 million
- Recorded financial gains of Ps. 4,907 million versus expense of Ps. 1,318 million in 2023
- Cost of sales decreased 23% due to lower input prices
- Net sales decreased 23% to Ps. 24,828 million
- Shipments declined 6% to 1.536 million tons
- EBITDA decreased 31% to Ps. 5,189 million
- Average selling price dropped 18%
- Operating income fell 33% to Ps. 4,440 million
Insights
The Q3 2024 results show mixed performance with concerning trends in core operations but positive bottom-line results. Net sales decreased 23% to
Despite operational challenges, net income surged
The margin profile remains stable at
Comparative first nine months of 2024 vs. first nine months of 2023
Net Sales
Net sales of the Company decreased to Ps. 24,828 million in the first nine months of 2024 compared to Ps. 32,401 million in the first nine months of 2023. Shipments of finished steel products decreased
Cost of Sales
Cost of sales decreased
Gross Profit
Gross profit of the Company for the first nine months of 2024 decreased
General, Selling and Administrative Expenses
Selling, general and administrative expenses increased
Other Income (Expenses,) net
The Company recorded other income net for Ps. 71 million during the first nine months of 2024 while in the same period of 2023 the other income net by this concept was of Ps. 167 million.
Operating Income
Operating income decreased
Ebitda
The Ebitda decreased
Consolidated | |||||||
Million | Comparative first nine months of 2024 vs first nine months of 2023, | ||||||
2024 | 2023 | ||||||
Net income (loss) | 8,587 | 3,821 | |||||
Loss attributable to noncontrolling interests | (2) | (4) | |||||
Net income (loss) | 8,585 | 3,817 | |||||
Depreciation, depletion, and amortization | 749 | 823 | |||||
Income taxes | 762 | 1,541 | |||||
Financial results income (loss) | (4,907) | 1,318 | |||||
EBITDA | 5,189 | 7,499 | |||||
Items to reconciled adjusted EBITDA | |||||||
Equity results and other results in associates and joint ventures | 0 | 0 | |||||
Dividends received and interest from associates and joint ventures (i) | 0 | 0 | |||||
Impairment and disposal of non-current assets | 0 | 0 | |||||
Adjusted EBITDA | 5,189 | 7,499 | |||||
Comprehensive Financial Cost
Comprehensive financial cost for the first nine months of 2024 represented an income of Ps. 4,907 million compared with an expense of Ps. 1,318 million for the first nine months of 2023. The net interest income was of Ps. 1,066 million for the first nine months of 2024, compared with a net interest income of Ps. 392 million in the same period of 2023. Likewise, we record an exchange income of Ps. 3,799 million in the first nine months of 2024 compared with an exchange loss of Ps. 1,754 million in the first nine months of 2023, and other financial income for Ps 42 million for the first nine months of 2024, dividends earned on purchase of shares, compared with other financial income for Ps. 44 million in the same period of the previous year.
Income Taxes
The Company recorded an expense of Ps.762 million for during the first nine months of 2024, (includes a deferred income tax of Ps. 88 million) compared with an expense of Ps. 1,541 million for the first nine months of 2023 (includes a deferred income tax of Ps. 8 million).
Net Income
As a result of the foregoing, the Company recorded a increase in net income of
Liquidity and Capital Resources
At September 30, 2024, Simec's total consolidated debt consisted of
Comparative third quarter of 2024 vs. second quarter of 2024
Net Sales
Net sales of the Company increased to pass of Ps. 8,394 million during the second quarter of 2024 to Ps. 8,549 million in the third quarter of 2024. Shipments of finished steel products decreased to 521 thousand tons in the third quarter of 2024 from 536 thousand tons in the second quarter of the same year. Total sales outside of
Cost of Sales
Cost of sales increased to P s. 6,393 million in the third quarter of 2024 from Ps.6,356 million in the second quarter of 2024. Cost of sales as a percentage of net sales represented
Gross Profit
Gross profit of the Company for the third quarter of 2024 increased
General, Selling and Administrative Expenses
Selling, general and administrative expenses increased
Other (Expenses) Income, net
The Company recorded other income net for Ps. 26 million during the third quarter of 2024 compared to other income net for Ps. 40 million in the second quarter of 2024.
Operating Income
The Operating income was of Ps. 1,524 million in the third quarter of 2024 compared to Ps. 1,498 million in the second quarter of the same year. Operating income as percentage of net sales represented
Ebitda
The Ebitda show a increase of
Consolidated | |||||||
Million | Comparative third quarter of 2024 vs second quarter of 2024, | ||||||
Third quarter 2024 | Second quarter 2024 | ||||||
Net income (loss) | 3,152 | 3.979 | |||||
Loss attributable to noncontrolling interests | (1) | 0 | |||||
Net income (loss) |
3,151 | 3,979 | |||||
Depreciation, depletion and amortization | 252 | 249 | |||||
Income taxes | 471 | 181 | |||||
Financial results income (loss) | (2,098) | (2,662) | |||||
EBITDA | 1,776 | 1,747 | |||||
Items to reconciled adjusted EBITDA | |||||||
Equity results and other results in associates and joint ventures | 0 | 0 | |||||
Dividends received and interest from associates and joint ventures (i) | 0 | 0 | |||||
Impairment and disposal of non-current assets | 0 | 0 | |||||
Adjusted EBITDA | 1,776 | 1,747 | |||||
Comprehensive Financial Cost
Comprehensive financial cost of the Company in the third quarter of 2024 represented an income of Ps. 2,098 million compared with an income of Ps. 2,662 million for the second quarter of 2024. The comprehensive financial cost is comprised for the net interest income of Ps. 329 million in the third quarter of 2024 compared to net interest income of 487 million in the second quarter of the same year. Also, we record a net exchange income of Ps. 1,769 million in the third quarter of 2024 compared a net exchange income of Ps. 2,133 million in the second quarter of the same year, and other financial income for Ps 42 million in the second quarter of 2023, dividends earned on purchase of shares.
Income Taxes
The Company have been recorded Ps. 471 million of expense tax during the third quarter of 2024, (includes a deferred expense tax of Ps. 33 million) compared with the Ps. 181 million of expense for the second quarter of the same year, (includes a deferred income tax of Ps. 113 million).
Net Income
As a result of the foregoing, the Company recorded a net income of Ps. 3,152 million in the third quarter of 2024 compared to a net income of Ps. 3,979 million for the second quarter of 2024.
Comparative third quarter of 2024 vs. third quarter of 2023
Net Sales
Net sales of the Company decreased
Cost of Sales
Cost of sales decreased
Gross (Loss) Profit
Gross profit of the Company for the third quarter of 2024 decreased
General, Selling and Administrative Expenses
The selling, general and administrative expenses increased
Other Income (Expenses), net
The company recorded other income net of Ps. 26 million in the third quarter of 2024 compared with other income net of Ps. 24 million for the third quarter of 2023.
Operating (Loss) Income
Operating income decreased from Ps. 1,816 million in the third quarter of 2023 compared to Ps. 1,524 million in the third quarter of 2024, this represents
Ebitda
The Ebitda of the Company decreased
Consolidated | |||||||
Million | Comparative third quarter of 2024 vs third quarter of 2023, | ||||||
Third quarter 2024 | Third quarter 2023 | ||||||
Net income (loss) | 3,152 | 1,802 | |||||
Loss attributable to noncontrolling interests | (1) | (2) | |||||
Net income (loss) | 3,151 | 1,800 | |||||
Depreciation, depletion and amortization | 252 | 264 | |||||
Income taxes | 471 | 298 | |||||
Financial results income (loss) | (2,098) | (283) | |||||
EBITDA | 1,776 | 2,079 | |||||
Items to reconciled adjusted EBITDA | |||||||
Equity results and other results in associates and joint ventures | 0 | 0 | |||||
Dividends received and interest from associates and joint ventures (i) | 0 | 0 | |||||
Impairment and disposal of non-current assets | 0 | 0 | |||||
Adjusted EBITDA | 1,776 | 2,079 | |||||
Comprehensive Financial Cost
Comprehensive financial cost of the Company for the third quarter of 2024 represented a net income of Ps. 2,098 million compared with an income of Ps. 283 million for the third quarter of 2023. The comprehensive financial cost is comprised for the net interest income of Ps. 28 million in the third quarter of 2023, compared to a net interest income of Ps. 329 million for the same period of 2024. Also record an exchange income of Ps. 255 million in the third quarter of 2023 and an exchange income of Ps. 1,769 million in the third quarter of 2024.
Income Taxes
The company recorded an expense tax for Ps. 471 million in the third quarter of 2024, (includes a deferred expense tax of Ps. 33 million) compared to an expense tax of Ps. 298 million for the third quarter of 2023, (includes an accrual of deferred income tax of Ps. 8 million).
Net Income (Loss)
As a result of the foregoing, the Company recorded a net income of Ps. 3,152 million in the third quarter of 2024 compared to a net income of Ps. 1,802 million for the same period of 2023.
(millions of pesos) | Jan - Sep '24 | Jan - Sep '23 | Year 24 vs | ||
Sales | 24,828 | 32,401 | (23 %) | ||
Cost of Sales | 18,625 | 24,305 | (23 %) | ||
Gross Profit | 6,203 | 8,096 | (23 %) | ||
Selling, General and Administrative Expense | 1,834 | 1,587 | 16 % | ||
Other Income (Expenses), net | 71 | 167 | (57 %) | ||
Operating Profit | 4,440 | 6,676 | (33 %) | ||
EBITDA | 5,189 | 7,499 | (31 %) | ||
Net income | 8,587 | 3,821 | 125 % | ||
Sales Outside Mexico | 10,979 | 13,571 | (19 %) | ||
Sales in | 13,849 | 18,830 | (26 %) | ||
Total Sales (Tons) | 1,536 | 1,640 | (6 %) | ||
Cost by ton | 12,126 | 14,820 | (18 %) |
Quarter | |||||
(millions of pesos) | 3Q'24 | 2Q '24 | 3Q '23 | 3Q´24vs | 3Q´24 vs |
Sales | 8,549 | 8,394 | 9,454 | 2 % | (10 %) |
Cost of Sales | 6,393 | 6,356 | 7,177 | 1 % | (11 %) |
Gross Profit | 2,156 | 2,038 | 2,277 | 6 % | (5 %) |
Selling, General and Adm. Expenses | 658 | 580 | 485 | 13 % | 36 % |
Other Income (Expenses), net | 26 | 40 | 24 | (35 %) | 8 % |
Operating Profit | 1,524 | 1,498 | 1,816 | 2 % | (16 %) |
EBITDA | 1,776 | 1,747 | 2,079 | 2 % | (15 %) |
Net Income | 3,152 | 3,979 | 1,802 | (21 %) | 75 % |
Sales Outside Mexico | 3,691 | 3,593 | 3,932 | 3 % | (6 %) |
Sales in | 4,858 | 4,801 | 5,522 | 1 % | (12 %) |
Total Sales (Tons) | 521 | 536 | 531 | (3 %) | (2 %) |
Cost per Tons | 12,271 | 11,858 | 13,516 | 3 % | (9 %) |
Product | Thousands of Tons Jan-Sep 2024 | Millions of Pesos Jan-Sep 2024 | Average Price per Ton Jan-Sep 2024 | Thousands of Tons Jan – Sep 2023 | Millions of Pesos Jan- Sep 2023 | Average Price per Ton Jan-Sep 2023 |
Special Profiles | 403 | 7,653 | 18,990 | 479 | 10,795 | 22,537 |
Commercial Profiles | 1,133 | 17,175 | 15,159 | 1,161 | 21,606 | 18,610 |
Total | 1,536 | 24,828 | 16,164 | 1,640 | 32,401 | 19,757 |
Product | Thousands of Tons Jul-Sep 2024 | Millions of Pesos Jul-Sep 2024 | Average Price per Ton Jul-Sep 2024 | Thousands of Tons Apr-Jun 2024 | Millions of Pesos Apr-Jun 2024 | Average Price per Ton Apr-Jun 2024 | Thousands of Tons Jul-Sep 2023 | Millions of Pesos Jul-Sep 2023 | Average Price per Ton Jul-Sep 2023 |
Special Profiles | 153 | 2,939 | 19,209 | 144 | 2,638 | 18,319 | 155 | 3,468 | 22,374 |
Commercial Profiles | 368 | 5,610 | 15,245 | 392 | 5,756 | 14,684 | 376 | 5,986 | 15,920 |
Total | 521 | 8,549 | 16,409 | 536 | 8,394 | 15,660 | 531 | 9,454 | 17,804 |
Any forward-looking information contained herein is inherently subject to various risks, uncertainties and assumptions which, if incorrect, may cause actual results to vary materially from those anticipated, expected or estimated. The company assumes no obligation to update any forward-looking information contained herein.
PRESS RELEASE | Contact: José Luis Tinajero |
Mario Moreno Cortez | |
Grupo Simec, S.A.B. de C.V. | |
Calzada Lázaro Cárdenas 601 | |
44440 | |
52 55 1165 1025 | |
52 33 3770 6734 |
View original content:https://www.prnewswire.com/news-releases/grupo-simec-announces-results-of-operations-for-the-first-nine-months-of-2024-302290358.html
SOURCE Grupo Simec, S.A.B. de C.V.
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