Corporacion Moctezuma 2022 net profit slips 3%

Corporacion Moctezuma 2022 net profit slips 3%
27 February 2023

Corporación Moctezuma posted a 14.5 per cent YoY growth in revenues to MXN4368.7m (US$237.3m) in the fourth quarter of 2022.

The company reported EBITDA of MXN1677.8m in the 4Q22, representing a YoY increase of 17.5 per cent from MXN1427.6m.

Net profit in the 4Q22 advanced 11.3 per cent YoY to MCN1099.1m from MXN987.1m in the equivalent period of the previous year.

The volatility of the Mexican peso-US dollar exchange rate impacted the results with the peso appreciating against the dollar. Other factors that influenced the result were the effects of inflation, the recovery in the construction industry in specialised services, public works and domestic consumption.

Full-year 2022
In 2022 Corporación Moctezuma reported sales of MXN16,282.2m, up 2.6 per cent YoY.

However, EBITDA in 2022 was down 4.5 per cent YoY to MXN6476.2m from MXN6778.2m. Net profit contracted by 3.3 per cent YoY to MXN4386m.

“Moctezuma presents contracted results when compared to the previous year. However, the commercial area stood out by executing its implemented strategies for the year 2022 and achieving sales that were higher than those achieved in 2021,” the company said in a report to BMV, the Mexican stock exchange.

Published under Cement News