Bread, tortillas and cookies bring Bimbo a float during the pandemic

Mexico's Grupo Bimbo to buy Saputo's Canadian bakery (Photo: Google)

During the first quarter of 2020, sales in Mexico of Grupo Bimbo amounted a total of $27. 2 billion pesos, due to the increased consumption of their products by Mexicans all over the country.

Daniel Servitje, chairman of the board and CEO of Grupo Bimbo, reported that during the first quarter of 2020, total sales for Grupo Bimbo in Mexico reached $27.2 billion pesos.

This represents an increase of 6.2 percent compared to the same period in 2019. According to the report sent to the Mexican Stock Exchange (BMV), Bimbo the largest bakery in the world, said that between January and March the Mexican market had a good performance in the categories of sweet bread, tortillas and cookies.

To date, Grupo Bimbo has 163 plants in 22 countries, more than ten thousand products in its catalog, and produces 60 million pieces daily, in addition it has 1,700 sales centers and 52,000 distribution routes.

In the North American region net sales had a growth of 9.8 percent, mainly by sales of bread and pastries, which offset a poor performance in the category of fast food and restaurant businesses that closed due to the health emergency.

During the first three months of the year Bimbo’s EBITDA reported an amount of $8.8 billion pesos, an increase of 11.4 percent, in contrast to the same period last year.

The net profit of the Bimbo bakery was only of $20 million pesos, a negative variation of 98.5 percent, in contrast to January-March 2019, when it had an amount of $1.3 billion pesos.

However the group reported that the majority net income, excluding a non-cash charge, had an increase of 42.3 percent.