Mexican food group Gruma said it started to show “significant improvements” in the first quarter as earnings climbed.

In the three months to the end of March, net profit soared 149% to MXN209m (US$26m), driven mainly by higher operating income, lower financing costs, and a stock repurchase from US agribusiness giant Archer Daniels Midland.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Operating income increased 121% to MXN990m, boosted by improvements at most of the company’s subsidiaries, in particular GIMSA and Gruma Corp. Operating margin rose to 7.6% from 3.4% last year.

Net sales edged up to MXN13.06bn from MXN13.03bn last year, impacted by the effect of the peso appreciation.

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now