Grupo Mexico Reports Increased Net Profit

By Aida Pelaez-Fernandez

MEXICO CITY (Reuters) – Mining and transport conglomerate Grupo Mexico reported a 17.55% increase in net profit during the third quarter, driven by higher copper prices and increased production levels.

Financial Highlights

• Net Profit: $820.1 million (below analyst expectations of $935.65 million)
• Revenue: $4.13 billion (up 13.13% from previous year)
• EBITDA: $2.17 billion (up 22% year over year)

Production and Sales

• Copper Production: 280,897 metric tons (up 10.6% from same period in 2023)
• Sales Growth in mining: 17.8% increase year over year
• Copper Price Increase: Nearly 8% throughout the year

Future Expectations

Grupo Mexico slightly upgraded its 2024 copper production expectations to 1.09 million metric tons from 1.08 million metric tons stated in July.

Transport Unit Performance

However, the transport division experienced a 1.9% sales drop compared to the previous year due to higher selling costs.