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)
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