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HomeGlobalCarlos Slim's 'smile': Grupo Carso's net profit grows 27.4% in 1Q23

Carlos Slim’s ‘smile’: Grupo Carso’s net profit grows 27.4% in 1Q23

Grupo Carso, the industrial conglomerate of Mexican businessman Carlos Slim, reported a net profit in the first quarter of 3 thousand 870 million pesoswhich represented a growth of 27.4 percent compared to the 3 thousand 37 million pesos of the same period, but of 2022.

In its financial report, the company highlighted the growth of your total sales to 49 thousand 21 million pesos, 41.9 percent more than the previous year, in which the results of Grupo Sanborns and Carso Infraestructura y Construcción (CICSA) stood out with growth of 21.9 and 42.9 percent, respectively, in their volumes.

While, the company’s operating flow closed the period from January to March with a total of 7 thousand 561 million pesos, which was 58.6 percent higher than the 4 thousand 766 million pesos reported in the first quarter of 2022.

Grupo Carso ‘resents’ the changes in the exchange rate

The company noted that its materials division Condumex Group increased its volumes 1.7 percent due to higher sales of automotive cables and harnesses, while Carso Energy decreased 13.2 percent due to lower revenues affected by the exchange rate.

By segment, Sanborns income totaled 16 thousand 452 million pesos and a net profit of 915 million pesos, 85.4 percent more than last year. Besides, CICSA closed the quarter with revenues of 10 thousand 934 million pesos, boosted by Carso projects under construction such as the Mayan Train and higher revenues in the petrochemical business.

Condumex sales closed at 12 thousand 564 million pesos and its net profit grew 9.7 percent to 1,174 million pesos, due to greater demand for cables in the Telecom, electrical and mining sectors in North America, as well as a greater volume of clients in the automotive sector.

Elementia it registered sales of 8 thousand 262 million pesos, while net income fell 49 percent to 157 million pesos due to lower demand. Finally, in the Carso Energy division, which had revenues of 822 million pesos, profit increased to 1,822 million pesos, despite damages to its hydroelectric plants in Panama and gas transportation to the CFE from the Samalayuca-Sásabe gas pipeline.

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