GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS OF 2024
Financial Performance Overview: Grupo Simec reported a 23% decrease in net sales for the first nine months of 2024 compared to the same period in 2023, with net income increasing by 125% due to lower costs and improved financial results.
Quarterly Comparison: In the third quarter of 2024, net sales decreased by 10% year-over-year, while operating income fell by 16%, despite a slight increase in gross profit and EBITDA compared to the previous quarter.
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GRUPO SIMEC ANNOUNCES RESULTS OF OPERATIONS FOR THE FIRST NINE MONTHS OF 2025
Financial Performance Overview: Grupo Simec reported a 10% decrease in net sales for the first nine months of 2025, totaling Ps. 22,320 million, primarily due to a 9% drop in finished steel shipments and a 1% decline in average sales prices compared to the same period in 2024.
Profitability Decline: The company's gross profit fell by 13% to Ps. 5,427 million, with a significant 91% decrease in net income, down to Ps. 763 million, largely attributed to a shift from net exchange income in 2024 to a net exchange loss in 2025.
Quarterly Performance Comparison: In the third quarter of 2025, net sales increased by 6% from the previous quarter, reaching Ps. 7,485 million, while gross profit rose by 5%. However, compared to the same quarter in 2024, net sales decreased by 12%.
Cost Management: Despite a decrease in sales, the cost of sales also declined by 9% in the first nine months of 2025, indicating improved cost management, although selling, general, and administrative expenses increased by 11% during the same period.
Grupo Simec SAB Reveals Update to Its Annual Report on Form 20-F for the Year Ended December 31, 2024
Amendment Filing: Grupo Simec filed an amendment to its Annual Report on Form 20-F for the year ended December 31, 2024, with the SEC, including revised disclosures on controls and procedures without altering the audited financial statements.
Company Overview: Grupo Simec is a diversified manufacturer and distributor of SBQ and structural steel products, operating in the U.S., Mexico, and Brazil, with applications in automotive and construction sectors.
