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Grupo México surprises on the upside in Q2 driven by higher copper prices
![Grupo México surprises on the upside in Q2 driven by higher copper prices](https://cdnimg.bnamericas.com/FkwLXnVaPqEFGaiauBGqKIOVnOueyAIWvKpclxMjgeupVWiNmMbUMWCWSMCNdfMM.jpg)
Grupo México achieved results above market expectations in the second quarter, with sales reaching record highs and earnings rising 59% year-on-year to US$1.07bn.
Sales for the quarter were US$4.40bn, up 27.4% over the same period last year, driven mainly by the mining division with sales almost 33% higher, the Mexican conglomerate said in its results report.
In the mining division, Ebitda increased 60.7% to US$1.88bn and net income rose 74.2% to US$925mn, driven by 2.5% growth in copper sales to 260,051t and a higher average price.
“Grupo México presented positive financial results above what was expected by market consensus. During the quarter, an increase in the price of metals was observed, particularly 18.2% in the average prices of copper and an increase in its production, which favored sales for the period,” Benjamín Álvarez, stock market analyst at brokerage CI Casa de Bolsa, wrote on Linkedin.
“Additionally, synergies were recorded in production costs due to the increase in volumes, in addition to lower administrative expenses, which benefited operating income.”
For the second half of the year, CI Casa de Bolsa foresees a less volatile environment in metal prices and more stable growth for the company's three divisions, the others being transport and infrastructure.
Despite the period of uncertainty in the countries where it operates, Grupo México said it continues with its expansion plans in Peru and Mexico.
“As a result of our investment plan sustained over several decades, as well as a continuous focus on cost control, we managed to benefit from positive copper price environments, showing double-digit growth in all our indicators, led by excellent results of the mining division,” the group said in its results report.
“In addition, we achieved the expected production at the new Buenavista Zinc concentrator in Mexico, which reached production of 23,300t of zinc and 5,544t of copper in the first half of 2024.”
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