Grupo Bimbo announces the results of the first quarter of 2019
In financial matters, Grupo Bimbo’s net sales grew organically by 3.6% compared to the same period in the previous year, principally in Mexico and, to a lesser extent, due to gains from the exchange rate and acquisitions made in the prior twelve months. Highlights of the quarter include the performance of the bread, pastries, and cakes categories; the performance of products such as Medias Noches and Pan Cero Cero Bimbo in Mexico; from business in Canada; and from QSRs in the Europe, Asia, and Africa (EAA) region.
The company’s operating profit grew by 10.9% compared to the first quarter of 2018, and the adjusted EBITDA increased by 6.6%, primarily due to the growth in sales accompanied by good operational performance in North America and EAA.
Majority net income rose 1.5%, including an impact of 190 million pesos resulting from the application of International Financial Reporting Standard (IFRS) 16.
Diego Gaxiola, Chief Financial Officer of Grupo Bimbo, commented on these figures, saying, “In a quarter marked by challenges in our markets, we have seen synergies and efficiencies materialize that are geared toward our long-term strategy, capitalizing on opportunities, and supporting our continued growth.”
Among the other highlights from the first quarter of 2019 are the company’s inclusion, for the third consecutive year, on the list of the World’s Most Ethical Companies by the Ethisphere Institute; becoming part of the Mexican federal government’s Jóvenes Construyendo el Futuro program; and the opening of the 56th children’s soccer tournament, Futbolito Bimbo, the company’s most important Mexican social responsibility initiative, which this year anticipates the participation of more than 88,000 boys and girls representing every state in Mexico.
