MEXICO
CITY, April 24, 2024 /PRNewswire/ -- Genomma
Lab Internacional, S.A.B. de C.V. (BMV: LAB B) ("Genomma" or
"the Company"), today announced its results for the first quarter
of 2024. All figures included herein are stated in nominal Mexican
pesos and have been prepared in accordance with International
Financial Reporting Standards (IFRS), unless otherwise
mentioned.
Comments from our CEO, Marco
Sparvieri
"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. $1,800 MM in annual cost savings by
2027."
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 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Like-for-like
Sales(1)
|
|
|
|
|
9.7 %
|
Net Sales (ex
Argentina)
|
3,675.3
|
|
3,473.7
|
|
5.8 %
|
Net Sales
|
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 %
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Net Sales expressed in constant currency and
excludes the hyperinflationary subsidiary
|
(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 Argentina): when excluding the
hyperinflationary subsidiary, sales increased by 5.8%, adversely
impacted by a strong Mexican peso revaluation.
Net sales: 0.5% increase impacted by Argentina results.
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.
For a full version of Genomma Lab's First Quarter 2024 Earnings
Release, please visit:
https://inversionistas.genommalab.com/en/financial-information
CONFERENCE CALL INFORMATION:
Genomma Lab will host a conference call
on Thursday, April 25,
2024, to discuss these results at 1:00 p.m. Eastern Time / 11:00 a.m. Mexico City Time.
To access the call, please register here.
After registration, please use the Zoom link provided to ensure
optimal access to the event webcast and to avoid difficulties
associated with local carrier connections.
About
Genomma Lab Internacional, S.A.B. de C.V.
is one of the leading pharmaceutical and personal care products
companies in Mexico with an
increasing international presence. Genomma Lab develops, sells and
markets a broad range of premium branded products, many of which
are leaders in the categories in which they compete in terms of
sales and market share. Genomma Lab relies on the combination of a
successful new product development process, a consumer-oriented
marketing, a broad retail distribution network and a low-cost,
highly flexible operating model. Genomma Lab's shares are listed on
the Mexican Stock Exchange under the ticker "LAB B" (Bloomberg:
LABB:MM).
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 Mexicana de Valores.
Any forward-looking statement made in this release speaks only as
of the date of this release. The Company undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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SOURCE Genomma Lab Internacional, S.A.B. de C.V.