In the financial report, the company indicated that its EBITDA margin for the quarter closed at 21.0%; an increase of 40 basis points, mainly due to successful price adjustment strategies.
On the other hand, net income closed at 399.3 million pesos; an increase of 6.1 million, year over year. The growth of this item was affected by a higher income tax expense, derived from the tax effects on the repatriation of dividends from the operations of international subsidiaries. Similarly, net income in the quarter was affected by the increase in the total cost of financing, with an increase in the loss associated with the monetary position in Argentina.
“Genomma achieved its sixteenth consecutive quarter of sales growth, despite continued adverse macroeconomic effects on our consolidated figures. The completion of the preparations and the subsequent start of operations of our manufacturing lines in the personal care plant, unlocks significant value, which will allow Genomma to fully focus on its continued growth in sales and profitability”, indicated in the report, Jorge Luis Brake, General Director of Genomma Lab International.
In Mexico, net sales for the third quarter of 2022 reached 1,816 million pesos, which meant an annual increase of 9.0% due to new line extensions, a sequential recovery of key categories, as well as an increase in sales points. sales attended during the third quarter of 2022. In the US, the growth was much higher, growing 25.6%, to close at an amount of 420.1 million pesos, primarily driven by sales through Amazon in that country.
Net sales for the third quarter of 2022 in the Latin American region reached 2,113.1 million pesos; a year-over-year increase of 6.6%. This growth was limited by the depreciation of the local currency in Argentina, as well as a slowdown in demand for products related to the pandemic during the quarter.
Investments related to Genomma production plants reached 195.7 million pesos for the first nine months of 2022. While net financial debt reached 4,015.7 million as of September 30, 2022; a reduction of 514.8 million compared to the end of September 2021.