Derived from higher prices of corn and soybean paste, as well as a lower demand in Mexico, the operating flow (EBITDA) of Industrias Bachoco, dedicated to the commercialization of egg, chicken and pork and beef products, amounted to 1,127.4 million pesos , a drop of 38.3% in the third quarter of the year compared to the same period in 2020.
“The prices of corn and soybean paste remained high compared to previous years, fully impacting our cost in Mexico and the United States,” said Rodolfo Ramos Arvizu, CEO of Bachoco, in the report sent to the Mexican Stock Exchange. de Valores (BMV).
The sixth largest poultry company in the world said that the cost of sales rose 16.6% between July and September, compared to the same period in 2020. While the net profit rose 1.9% in the comparison period.
Despite lower demand for its products in Mexico, net sales grew 10.6%, to 20,229 million pesos, in the quarter compared to the same period last year, as a result of better prices in its business lines.
At the close of the market, Bachoco’s shares ended with an adjustment of -0.66%, to 73.77 pesos per unit, after they fell to 1.61% in their trading on the BMV.