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.

 
                                                                Year 24 vs 
      (millions of pesos)         Jan - Sep '24  Jan - Sep '23    '23 
--------------------------------  -------------  -------------  ---------- 
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 Mexico                   13,849         18,830         (26 %) 
--------------------------------  -------------  -------------  ---------- 
Total Sales (Tons)                1,536          1,640          (6 %) 
--------------------------------  -------------  -------------  ---------- 
Cost by ton                       12,126         14,820         (18 %) 
--------------------------------  -------------  -------------  ---------- 
 
 
Quarter 
-----------------------------------  ------  ------  ------  -------  -------- 
                                                             3Q'24vs  3Q'24 vs 
        (millions of pesos)          3Q'24   2Q '24  3Q '23   2Q'24    3Q '23 
-----------------------------------  ------  ------  ------  -------  -------- 
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 Mexico                      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 %) 
-----------------------------------  ------  ------  ------  -------  -------- 
 
 
                                               Average                             Average 
             Thousands                         Price    Thousands                  Price 
             of Tons    Millions of            per Ton  of Tons    Millions of     per Ton 
             Jan-Sep    Pesos         Jan-Sep  Jan-Sep  Jan --     Pesos     Jan-   Jan-Sep 
Product      2024       2024                   2024     Sep 2023   Sep 2023        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 
-----------  ---------  ---------------------  -------  ---------  --------------  -------- 
 
 
                                          Average                               Average 
             Thousands                    Price    Thousands                    Price 
             of Tons    Millions of       per Ton  of Tons    Millions of       per Ton  Thousands of          Millions of             Average Price per 
             Jul-Sep    Pesos    Jul-Sep  Jul-Sep  Apr-Jun    Pesos    Apr-Jun  Apr-Jun  Tons         Jul-Sep  Pesos          Jul-Sep  Ton         Jul-Sep 
Product      2024       2024              2024     2024       2024              2024     2023                  2023                    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 Guadalajara, Jalisco, México 
                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.

(END) Dow Jones Newswires

October 29, 2024 12:18 ET (16:18 GMT)