Q3 2024 Grupo Carso SAB de CV Earnings Call Transcript
Key Points
- Consolidated sales increased by 8.3% to 49 billion pesos, driven by higher volumes and favorable exchange rates.
- Grupo Carso SAB de CV (GPOVF) reported a 6.9% growth in consolidated controlling net income, reaching 3 billion pesos.
- Carso Energy's revenues increased due to exchange rate effects and natural gas transportation services.
- The industrial division saw improved performance with a significant increase in sales of construction and automotive cables.
- The company is benefiting from nearshoring trends, particularly in the automotive and construction sectors.
- Consolidated operating income decreased to 5.3 billion pesos from 5.6 billion, reflecting lower profitability.
- EBITDA margin declined by 80 basis points from 15.5% to 14.7%.
- Grupo Amples experienced a 39.2% reduction in EBITDA due to higher costs and operating expenses.
- The backlog for construction projects is limited to existing contracts, with no new government projects included.
- The oil operations recorded a loss of 145 million pesos, indicating challenges in this segment.
Good morning, everyone and welcome to this webinar to discuss the results of the third quarter, 2024 of group podcasts.
Before we begin, I would like to remind you that this event is being recorded. And that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties and actual results may affirmatively hosting this conference. Today is Mr. Artura Pinola, Chief Financial Officer of Grupo Carso and me, Angelica pa of Investor relations who will take you briefly through the third quarter's financial results and then we will take your questions.
Consolidated sales of RPO Castle total 49 billion pesos growing 8.3% in the quarter, Grupo Alex Elementia for Valle and Carso Energy increased its revenues related to positive impacts coming from higher volumes and the exchange rate which went up 11% versus the same quarter of 2023. Improving revenues from dollar based domestic sales, exports and sales from our
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