In the second quarter of the year, Gruma’s debt rose 4% to 1,713 million dollars, compared to the first quarter, due to working capital financing. Compared to the same quarter last year, the increase is 14%.
In its financial statement, the company reported that approximately 64% of its debt was denominated in dollars.
The company, which for months has been facing the rise in raw materials after the start of the conflict in Russia and Ukraine, reported in the second quarter a 21% increase in cost of sales, to 872.1 million dollars, as a result of the inflationary impact on raw materials, an increase in labor costs, mainly in the United States, and higher sales volume. As a percentage of net sales, cost of sales went from 64% to 65.2%.
The production company’s sales increased 19% to 1,337 million dollars in the period, from 1,128 million dollars in the same period of 2021.
Sales volume rose 2% to 1,078 thousand metric tons, driven by the division in the United States. This trend prompted the Mexican company to allocate 67 million dollars to expand its installed capacity in that market.
Gruma said at an investor conference in July that in the second half of the year it will keep its focus on containing the impact of high corn prices.