EconomyFinancialLAST MINUTE: Soriana reduces its debt and raises its...

LAST MINUTE: Soriana reduces its debt and raises its profits during the third quarter

Soriana earns more and owes less. During the third quarter of the year, the departmental company achieved an increase in net income of 6.4%, that is, its profits went from 1,355 million pesos to 1,442 million pesos, quarter against quarter. This is due to various factors, including the fact that the company incurred in debt issues in order to meet its payments and, therefore, not affect net income.

At the end of the third quarter, Soriana had a bank and stock market debt of 13,829 million pesos, which represents a decrease of 4,328 million pesos against the previous year, this is a reduction of 23.8%.

Soriana has made debt issues through the Stock Certificates Program, accessing the national debt market. It also resorted to contracting short- and long-term bank loans. The maturities of the debt have been programmed based on the expectation of generating free cash flows of the retailer. The company anticipates that it will be able to meet its commitments to its creditors.

During the second quarter of the year, Soriana’s revenues amounted to 41,581 million pesos (mdp), a growth of 7.9% compared to the third quarter of the previous year, when the supermarket chain registered 38,550 mdp.

The company attributes these results to the opening of six stores during the last 12 months, in which a good acceptance by customers has been observed, to the good performance in general of the stores throughout the country and especially to the Super and City formats. Club.

The same-store sales indicator for the quarter was 6.6%, while the Ebitda or operating flow was 2,633 million pesos, equivalent to 6.3% of total revenue, a contraction of 40 basis points and an increase of 1.6% against the third quarter of the year. 2021.

Currently, the retailer has 369 Hiper stores, 127 Super, 163 Mercado, 105 Express, 36 City Club and 10 Sodimac, which in total are 810 units and a sales floor of 4,046,347 m².

The accumulated January to September

Compared to its competitors in the sector, Soriana is growing at a slower pace; however, it does not stop registering grows. So far this year, the retailer had revenues of 120,724 million pesos against the 111,432 million pesos that it achieved during the nine months of the previous year, this reveals a percentage variation of 7.4%.

Regarding its earnings, the company has a record of 4,973 million pesos versus the 4,460 million pesos achieved in the same period of 2021, that is, the consolidated net profit shows an increase of 6.7%.

“The company’s objective is to continue with a permanent innovation scheme, which allows us to adapt our operation to a dynamic market and thus remain one of the best-positioned commercial companies in the market, remain among the most profitable in the sector and maintain our solid financial structure”, reads the report.

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