*Grupo Bimbo, the Mexican-headquartered multinational producer of bread and other foodstuffs, has released its Q4 2023 and full 2023 results which show that Q4 net profit totalled M$3.26bn (US$191.48m), down 89.2% on the M$30.23bn recorded in the fourth quarter of 2022. Net profit for the year stood at M$15.48bn, down 67% on the M$46.91bn recorded in 2022. Net sales were down 6.5% in Q4 2023, totalling M$101.88bn, and down 0.3% for 2023 as a whole, totalling M$399.88bn. The report cites Daniel Servitje, Bimbo chairman and CEO, as saying 2023 was “a record-breaking year in several metrics” including capital expenditure investments, although noting “challenges in certain markets”. Bimbo CFO, Diego Gaxiola, also noted “several challenges and the negative effect from the FX [foreign exchange] rates”.
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LatinNews Daily - 20 February 2024
In brief: Mexico’s Grupo Bimbo sees drop in profits
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