Q4 2024 Grupo Carso SAB de CV Earnings Call Transcript
Key Points
- Consolidated sales of Grupo Carso SAB de CV (GPOVF) grew by 6.6% in the fourth quarter, reaching MXN59 billion.
- Grupo Sanborns recorded a significant improvement in profitability, with operating income increasing from MXN1.1 billion to MXN2.5 billion.
- Elementia/Fortaleza saw a 12.3% increase in sales, driven by higher volumes and favorable exchange rates.
- Carso Energy's performance improved by 9.7%, with increased tariffs from natural gas transportation services contributing to higher sales.
- The consolidated controlling net income grew by 27.1%, reflecting better operating and financial results.
- Carso Infraestructura y Construcción experienced a 5.8% reduction in sales due to the completion of large infrastructure projects.
- The operating income and EBITDA for Carso Infraestructura y Construcción decreased by 58.4% and 53.7%, respectively.
- Zamajal division reported a loss of MXN313 million in operating results due to start-up activities.
- Grupo Sanborns closed two Sears stores, indicating a potential challenge in maintaining profitability in certain locations.
- The backlog for Carso Infraestructura y Construcción decreased from MXN33.3 billion to MXN23.9 billion, suggesting a decline in future project opportunities.
Good morning, everyone, and welcome to this webinar to discuss the results of the fourth quarter 2024 of Grupo Carso. 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 differ materially. Hosting this conference today is Mr. Arturo SpÃnola, Chief Financial Officer of Grupo Carso; and me, Angélica Piña, Investor Relations, who will take you briefly through the fourth quarter financial results, and then we will take your questions.
Consolidated sales of Grupo Carso total MXN59 billion, growing 6.6% in the quarter. Grupo Condumex, Elementia/Fortaleza, Grupo Sanborns and Carso Energy increased its revenues relating to positive impacts coming from current volumes, holiday season and the exchange rate. On the other hand, it is important to mention that Zamajal (inaudible) operation,
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