MEXICO CITY, April 20, 2022 /PRNewswire/ — Grupo Rotoplas S.A.B. de C.V. AGUA (“Rotoplas”, “the Company”), America’s leading company in water solutions, reports its unaudited first quarter 2022 results. The information has been prepared in accordance with the International Financial Reporting Standards (IFRS).
Figures are expressed in millions of Mexican pesos.
HIGHLIGHTS | 1Q22 vs 1Q21
- Net sales grew 9.3% driven by double-digit growth in the United States and Argentina, as well as 3% growth in Mexico, offsetting lower sales in the ‘Others’ segment which includes Peru, Central America, and Brazil.
- Product sales increased 10.6%, with growth in all three categories: storage, water flow, and improvement, which was driven by price increases made during 2021. However, during the months of January and February we observed a generalized contraction of sales volumes, derived from a reallocation of household spending once families resume their normal activities and the need for water management solutions decreased.
- Service sales, which represent 3.5% of total sales, contracted 18.1%, affected by lower sales from the water treatment and recycling plants business which continues to generate no traction due to the delay in new industrial and commercial projects as a result of the pandemic. bebbia continues to register double-digit growth, however, as it is a developing business, its revenue does not offset the division.
- Gross margin closed at 40.2% compared to 41.3% in 1Q21, a 110 bps contraction which was mainly due to lower absorption of fixed costs derived from lower sales volumes in some geographies, as well as an increase in raw material and logistics costs.
- Operating income reached Ps. 222 million, 27.2% lower than 1Q21 due to the recognition of Ps. 15 million in expenses in the United States related to the expansion of the e-commerce platform and to pre-operating expenses in the septic business. Additionally, there was a Ps. 30 million expense related to the 8,000…
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