Mexico City. Given the price adjustments made in Mexico; As well as a lower volume sold in the United States institutional channel, the net sales of Gruma, a global company that produces corn flour, tortillas and wraps, decreased by 4 percent annually in the third quarter of 2024, to reach an amount of 1,623.4 million dollars.
In its financial report for the July-September 2024 period, the company revealed that sales volume decreased one percent compared to the third quarter of 2023, to 1,086 thousand metric tons, driven mainly by price sensitivity in the institutional channel in the United States and the logistical challenges in Europe, which made the normal distribution of corn milling products difficult.
And the geopolitical challenges and unusual weather conditions affected the usual distribution of corn milling and corn flour products in Europe and Mexico, respectively, the station stated in its financial report.
Gruma’s majority net income went from 136.2 million dollars in the third quarter of 2023 to 128.7 million in the third quarter of this year, which decreased 6 percent. “Positive results were achieved in the third quarter of 2024, despite having a difficult comparative base with a much stronger economy in the third quarter.”
The company reported that during the third quarter of the year it followed the same trends that were observed in the second quarter in terms of market dynamics. The global tortilla retail channel continued to show solid performance with a positive evolution; while it is its “Better for You” product category in the United States, it is pleased with its performance in the quarter, particularly during the last few months, although volume contraction in the institutional channel continues to be an area of focus of the overall operation .
The European tortilla operation continues to expand favorably throughout the continent and Asia and Oceania continues to deliver good results despite the lower contribution of the operation in China.
Cost of sales decreased 9 percent to $983.2 million, due to efficiencies across all divisions. As a percentage of net sales, cost of sales improved to 60.6 percent from 63.5 percent.
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