Gruma, the world’s largest manufacturer of corn and flour products, reported a 17% increase in its fourth quarter sales, compared to the same period of 2020 and stood at 25,718 million pesos.
In its 2021 quarterly and annual report sent to the Mexican stock exchangeGruma stated that its profits were due to the growth of its operations outside of Mexico, since during the last quarter of 2021, the company identified a positive evolution of the tortilla retail channel both in the United States and Europe, as well as a high demand for its products, mainly from its healthy line.
In general, Gruma’s sales increased in all the markets where it operates: Europe 32%, the United States 15%, Mexico 14%Asia/Oceania 12% and Central America 10 percent.
The operating flow (EBITDA) of the multinational, at the end of the last quarter of 2021, stood at 4,105 million pesos, 5% higher than that reported in the same quarter of the previous year, while the EBITDA margin was 16% for the same period.
Regarding its debt, at the end of the fourth quarter of the year stood at 1,511 million dollars.
During the fourth quarter of 2021, Gruma made capital investments of 70 million dollars, which were mainly used for its operations in the United States, Europe and Mexico. Throughout all of last year, investments amounted to 286 million dollars.
At the close of the stock market today, the price of the issuer’s shares ended with a loss of 1.26%, standing at 273.23 pesos per title, which meant a loss in its market value of 1,326 million pesos, totaling 104,109 million pesos.
The Monterrey company announced that, as of the first quarter of 2022, it has decided to report its financial statements in dollars.
This change is based on the current composition of the company’s revenues and profits derived from its operations outside of Mexico, especially the United States, its most important market, and will allow easier analysis of the company’s results among audiences, including the ease to compare results with other global entities in the Food and Beverage industry, explained Gruma.
