Welcome to our dedicated page for Grupo Simec news (Ticker: SIM), a resource for investors and traders seeking the latest updates and insights on Grupo Simec stock.
Grupo Simec reports recurring developments tied to its role as a manufacturer, processor and distributor of SBQ steel and structural steel products. News releases focus on operating results, finished steel shipments, average sales prices, cost of sales, gross profit and selling, general and administrative expenses across Mexico and sales outside Mexico.
The company’s business updates also describe product demand categories, including SBQ steel used in automotive, machine-tool and off-highway equipment applications, and structural steel used in nonresidential construction and other construction markets. Additional company announcements include Form 20-F filing updates and disclosure-control matters.
Grupo Simec has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023, with the SEC. The report is available on the SEC website and the company's investor relations page. Shareholders can request free hard copies of the Form 20-F, including complete audited financial statements, by contacting Mario Moreno Cortez via email.
The company operates as a diversified manufacturer, processor, and distributor of SBQ steel and structural steel products in the United States, Mexico, and Brazil. Their SBQ products serve engineered applications in the automotive industry, while their structural steel products primarily target the non-residential construction market.
Grupo Simec (NYSE: SIM) reported a serious accident at its steel complex in Apizaco, Tlaxcala on October 30, 2024. A liquid steel spill resulted in fatalities among employees and has temporarily halted operations at plant one of the facility. The company expressed regret for the loss of life and stated it is investigating the causes of the accident.
Grupo Simec reported financial results for the first nine months of 2024, showing mixed performance. Net sales decreased 23% to Ps. 24,828 million compared to Ps. 32,401 million in 2023, with shipments down 6%. The company's gross profit declined 23% to Ps. 6,203 million, while EBITDA decreased 31% to Ps. 5,189 million. Despite lower operational metrics, net income increased 125% to Ps. 8,587 million, largely due to comprehensive financial gains including exchange rate benefits. The average selling price decreased 18% compared to 2023, affecting both domestic and international sales.
Grupo Simec (NYSE: SIM) reported its first half of 2024 financial results. Net sales plummeted 29% year-over-year to Ps. 16,279 million, driven by a 22% drop in average sales price and an 8% decrease in shipment volumes. Sales outside Mexico fell 24%, while Mexican sales dropped 32%. Cost of sales fell 29%, aligning with the decline in net sales. Gross profit decreased 30% to Ps. 4,047 million. Operating income fell 40% to Ps. 2,916 million. EBITDA dropped 37% to Ps. 3,413 million.
However, net income surged 169% year-over-year to Ps. 5,435 million, primarily due to an increase in comprehensive financial income. On a quarterly basis, net sales grew 6% in Q2 2024 vs. Q1 2024, with a 12% increase in shipment volumes. Despite a 15% rise in domestic sales, sales outside Mexico decreased 3%. Net income increased 173% quarter-over-quarter to Ps. 3,979 million.
Grupo Simec, S.A.B. de C.V. (NYSE: SIM) reported a 24% decrease in net sales in the twelve-month period ending December 31, 2023, compared to the previous year. The cost of sales decreased by 22%, resulting in a 31% drop in gross profit. Operating income decreased by 37%, and EBITDA saw a 35% decline. Net income dropped by 44%. The company's debt remained constant.
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