Mexican breadmaker Grupo Bimbo reported a 66.9% increase in fourth-quarter net profit on Tuesday, Feb. 22, driven by strong sales, lower financing costs, and an effective income tax rate, said the company in a statement.
Grupo Bimbo’s earnings jumped to 4.8 billion pesos ($235 million) in the October-to-December period, beating the Refinitiv estimate of 3.3 billion pesos ($162 million).
Revenue for the company that operates some 100 brands climbed 14.9% in the last three months of 2021, driven by a mix of favorable prices, the company said.
Earnings before interest, tax, depreciation, and amortization (EBITDA) for the quarter soared to 13.5 billion pesos, beating the Refinitiv estimate of 12.9 billion pesos.
($1 = 20.5075 pesos at end-December)
Source: El Economista