Mexico’s Bimbo Q1 net profit rises, boosted by strong sales
2022.04.27 00:37
FILE PHOTO: The logo of Mexican breadmaker Grupo Bimbo is pictured on a delivery truck in Monterrey, Mexico, August 8, 2018. REUTERS/Daniel Becerril
MEXICO CITY (Reuters) – Mexican breadmaker Grupo Bimbo posted a 10.4% increase in first quarter net profit on Tuesday, boosted by stronger sales volumes.
Grupo Bimbo said in a regulatory filing that its earnings for the quarter ending March 31 jumped to 4.47 billion pesos ($224 million).
Bimbo, which offers some 100 brands, said revenue increased 17.8% in the first three months of 2022, driven by a favorable mix of prices.
Bimbo on Monday signed an agreement to sell its confectionery business Ricolino for around $1.3 billion to chocolate maker Mondelez International Inc (NASDAQ:MDLZ).
Bimbo said in its results statement that the deal would help it focus on its bread and snacks businesses.
The Mexican firm also said it planned to announce a plan for improved sustainability on May 18.
The breadmaker suspended operations in its Ukrainian plant at the end of February to ensure the safety of its 150 workers there, citing the ongoing crisis with Russia.
($1 = 19.8911 pesos at end-March)
