Genomma Lab Internacional Announces Results for the First Quarter 2024
Comments from our CEO,
"Our EBITDA margin expanded significantly, reaching 22.3% in Q1 2024, an increase above 150 basis points year on year, driven by cost efficiencies through our manufacturing plant and the focus on our productivity initiatives. Our productivity goals remain on track, with a 40% progress to date towards Ps.
Q1 2024 Financial Summary
The following table provides a summary of the Company's Income Statement, in millions of Mexican pesos.
|
Q1 2024 |
% sales |
Q1 2023 |
% sales |
var % |
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|
|
|
|
|
|
|
|
|
Like-for-like Sales(1) |
|
|
|
|
9.7 % |
|
3,675.3 |
|
3,473.7 |
|
5.8 % |
|
4,197.3 |
100.0 % |
4,178.2 |
100.0 % |
0.5 % |
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
2,739.7 |
65.3 % |
2,563.2 |
61.3 % |
6.9 % |
Operating Income |
806.9 |
19.2 % |
803.8 |
19.2 % |
0.4 % |
EBITDA(2) |
935.6 |
22.3 % |
867.3 |
20.8 % |
7.9 % |
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|
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|
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Net Income |
372.1 |
8.9 % |
358.0 |
8.6 % |
3.9 % |
|
|
|
|
|
|
EPS |
0.36 |
|
0.34 |
|
6.8 % |
|
(1) Like-for-like ("LFL") Sales are |
(2) EBITDA defined as operating income before depreciation and amortization |
|
Like-for-like ("LFL") sales: when adjusted into constant currency and excluding the hyperinflationary subsidiary, sales increased by 9.7% reflecting a double-digit increase in six out of nine core categories, 78% of sales exceeding inflation and 45% of sales resulting from market share growth.
Net sales (ex
Net sales: 0.5% increase impacted by
EBITDA: reached 22.3% margin and a 7.9% increase reflecting a significant 153 basis-point margin expansion due to cost efficiencies in the manufacturing facility and productivity initiatives across the Company.
Net income: 3.9% increase due to a higher operating income. Excluding the non-controlled affiliate, net income would have increased by double-digits.
EPS: Ps. 0.36 per share, a 6.8% increase reflecting higher net income and the cancellation of 28 million shares during the second quarter of 2023.
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Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. Risks and uncertainties include, but are not limited to: risks related to the impact of the COVID19 global pandemic, such as the scope and duration of the outbreak, government actions and restrictive measures implemented in response, material delays, supply chain disruptions and other impacts to the business, or on the Company's ability to execute business continuity plans as a result of the COVID-19 pandemic, economic factors, such as interest rate and currency exchange rate fluctuations; competition, including technological advances, new products attained by competitors; challenges inherent in new product development; the ability of the Company to successfully execute strategic plans; the impact of business combinations and divestitures; manufacturing difficulties or delays, internally or within the supply chain; significant adverse litigation or government action, including related to product liability claims; changes to applicable laws and regulations, including tax laws; changes in behavior and spending patterns of purchasers of products and services; financial instability of international economies and legal systems and sovereign risk. A further list and descriptions of these risks, uncertainties and other factors can be found within the Company's related filings with the Bolsa
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