Grupo Bimbo, the world’s largest baker, has booked a doubling of net profit in 2013, boosted by improved operating margins and a lower tax rate.
The company said net income jumped to MXN4.8bn (US$360.5m) from MNX2.02bn in the prior year. The bottom line was boosted by a lower tax rate, which dropped to 37.9% compared to 47.5% in 2012 and higher operating income.
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Operating profit grew 41.7% to MXN10.47bn, with a 1.6 point expansion in margin, which rose to 5.9%.
The company also grew sales in the year. Revenues rose 1.7% to MXN173.1bn, as growth in the US and Mexico offset declines elsewhere in Latin America.
Last week, Bimbo moved to bolster its international business with a deal to buy Canada-based baker Canada Bread.
Click here for just-food’s analysis of the planned acquisition.
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