Fomento Económico Mexicano (Femsa), the conglomerate that operates the OXXO stores and acts as one of the main bottlers of Coca-Cola products, closed the first nine months of the year with attributable net profit of 27,199 million pesos (1,307 million euros). This figure implies more than doubling, with an increase of 149.1%, the result obtained in the same period of the previous fiscal year.
As for activity, total revenues amounted to 674,623 million pesos (32,425 million euros), which represents an advance of 8.7%. The gross operating result (Ebitda) also trended upward, with a rise of 7.9%, to reach 53,365 million pesos (2,565 million euros).
At the same time, the Latin American company bore a set of production, administrative, sales, and other expenses of unspecified nature that totaled 610,386 million pesos (29,337 million euros), 6.5% more than a year earlier.
Between July and September, profits almost tripled (182%), standing at 6,810 million pesos (327.3 million euros). This improvement came in a context of a 9.8% increase in quarterly revenue, which reached 235,609 million pesos (11,324 million euros).
"We achieved solid results driven by OXXO Mexico and Coca-Cola Femsa, our two largest businesses. OXXO Mexico continued to consolidate the positive performance of recent quarters, while Coca-Cola Femsa achieved notable growth in its income statement, mainly supported by the solid performance in most of its territories," said the CEO of Femsa, José Antonio Fernández Garza-Lagüera.
"However, some other business units faced operational challenges, particularly our Europe and health divisions, which recorded mixed results. We continue working intensely so that these business units reach their potential," he added.
Regarding the final part of the fiscal year, the executive has pointed out that consumption in Mexico remains "weak," that Brazil is facing "some recent volatility" and that the statistical base effect in year-on-year comparisons will condition the evolution of the results.