LatinNews Daily - 23 February 2023

In brief: Mexican breadmaker Bimbo hails “remarkable year”

* Grupo Bimbo, the Mexican-headquartered multinational producer of bread and other foodstuffs, has released its Q4 2022 and full 2022 results which show that in 2022 net sales reached a “record level” at M$398.7bn (US$21.76bn), up 17.7% on 2021. It attributes this performance mainly “to strong price/mix and volume across every region, which was partially offset by foreign exchange rate effect.” Net profit totalled M$46.9bn, up from M$15.9bn in 2021. The report cites Daniel Servitje, Bimbo chairman and CEO, as saying that “2022 was a remarkable year with historic financial performance”. He notes that “we saw market share gains in most categories, made record CAPEX [capital expenditures] investments, fine-tuned our strategic focus on grain-based foods, successfully turned around Argentina and Brazil, and we launched our sustainability strategy”. According to the report, North America (Canada and US) led Bimbo’s growth in sales with a 21.9% rise, followed by Mexico (17.4%) and the rest of Latin America (16.3%). The report also highlighted the firm’s divestiture of its confectionary business, Ricolino, which it sold to US multinational food company, Mondelēz International, in April 2022 for approximately US$1.3bn.

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