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, S.A.B. de C.V. (NYSE: SIM) regularly publishes detailed financial and operational updates that are made available to investors through press releases and SEC filings. This news page aggregates those communications so readers can review how the company’s business as a manufacturer, processor and distributor of SBQ steel and structural steel products is evolving over time in Mexico, Brazil and in its commercial activities in the United States.
The company’s news flow frequently includes reports on quarterly and annual results, such as net sales, shipments of finished steel products, cost of sales, gross profit, operating income, EBITDA, comprehensive financial cost or income, income taxes and net income. These releases often distinguish between sales in Mexico and sales outside Mexico, and discuss trends in average sales prices and average cost per ton of steel products, including the impact of input costs like steel scrap.
Investors can also find announcements related to Form 20‑F filings and amendments, where Grupo Simec explains updates to disclosures on controls and procedures and internal control over financial reporting. In addition, the company has used news releases to report significant operational events, such as the spill of liquid steel at a plant in Apizaco, Tlaxcala, which resulted in loss of life and temporarily halted operations at that facility.
By following this news page, readers can monitor how shipment volumes, pricing, input costs, financial results and notable incidents are described by the company in its own communications. The articles collected here provide a chronological view of Grupo Simec’s publicly reported performance and key events affecting SIM stock.
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Grupo Simec (NYSE: SIM) reported its audited operational results for the twelve-month period ending December 31, 2022. Net sales decreased by 3%, from Ps. 55,620 million in 2021 to Ps. 54,159 million in 2022, primarily due to a 10% drop in shipments of finished steel products. Sales outside Mexico fell by 11% to Ps. 24,515 million, while sales within Mexico increased by 6% to Ps. 29,644 million. Gross profit decreased from Ps. 15,652 million to Ps. 14,475 million, representing a gross margin of 27%. Operating income declined by 11% to Ps. 12,091 million, and net income dropped 18% from Ps. 9,444 million to Ps. 7,703 million. The company’s EBITDA also fell by 10%, totaling Ps. 13,207 million. Despite increased operating expenses (up 20%), the overall financial outlook remains cautious amid decreasing revenues and profits.
Grupo Simec (NYSE American: SIM) filed an Amendment No. 1 to its Annual Report on Form 20-F, related to the financial year ending December 31, 2021. This amendment corrects a risk factor concerning weaknesses in internal controls, specifically by removing an inadvertent reference to a material weakness from 2019 and adds a cross-reference to legal proceedings. The filing dated March 17, 2023, is available on the investor relations section of the company's website and can be requested in hard copy by shareholders.
Grupo Simec (NYSE: SIM) reported its 2022 financial results, showing a 1% decline in net sales, totaling Ps. 55,112 million compared to Ps. 55,620 million in 2021. This decrease was driven by a 10% drop in finished steel shipments, totaling 2.25 million tons. Sales within Mexico increased by 6% to Ps. 29,644 million, while international sales fell by 8%. The cost of sales rose 2%, impacting gross profit, which decreased 8% to Ps. 14,359 million. Net income dropped 9% to Ps. 8,639 million. Operating income and EBITDA declined by 11% each, indicating challenges in maintaining profitability amidst rising costs.
Grupo Simec (NYSE: SIM) reported its operational results for the first nine months of 2022. Net sales rose to Ps. 44,012 million, up from Ps. 42,736 million in 2021, driven by a 17% increase in average selling prices, despite a 12% decrease in shipment volumes. Costs of sales also increased to Ps. 32,243 million. Gross profit dipped 1% to Ps. 11,769 million. Year-to-date, net income fell by 3% to Ps. 8,037 million. In Q3 2022, net sales decreased by 5% compared to Q3 2021, with a significant drop in operating income and EBITDA by 30% and 28%, respectively.
On Sept. 28, 2022, Grupo Simec issued a warning regarding fraudulent investment schemes circulating on the internet. The company clarified that the only legitimate method to invest in Grupo Simec is via the Mexican Stock Exchange (BMV) and the Institutional Stock Exchange (BIVA). The firm strongly advises potential investors to consult their brokerage houses to verify any investment offers. Grupo Simec disclaims any responsibility for losses incurred due to these fraudulent activities.
Grupo Simec, S.A.B. de C.V. (NYSE: SIM) reported a 23% increase in net income for the first half of 2022, totaling Ps. 6,098 million, up from Ps. 4,977 million in 2021. Despite a 14% decline in shipments, net sales rose 7% to Ps. 30,579 million, driven by a 24% increase in average sales prices. Cost of sales increased 5% year-over-year, while gross profit surged 12% to Ps. 8,607 million. Operating income also saw a 12% growth to Ps. 7,479 million. Selling, general, and administrative expenses rose 15%, but EBITDA grew 10% to Ps. 8,029 million.
Grupo Simec (NYSE: SIM) reported a strong performance for the twelve-month period ending December 31, 2021, with net sales rising 55% to Ps. 55,620 million, driven by a 51% increase in average sales prices and a 3% rise in shipments. Gross profit surged 135% to Ps. 15,652 million, improving its gross margin to 28%. Operating income increased 161% to Ps. 13,532 million, and net income jumped 238% to Ps. 9,444 million. However, Q4 2021 saw a decline in net sales and profit compared to Q3 2021 due to lower shipments and pricing volatility.
Grupo Simec (NYSE: SIM) reported a 16% increase in gross profit for Q1 2022, totaling Ps. 3,842 million, driven by a 23% rise in average sales prices. Net sales grew 12.5% year-over-year to Ps. 15,032 million, although shipments of steel finished goods fell by 9% to 623,000 tons. The cost of sales also rose by 11% to Ps. 11,190 million, marking a 74% of net sales ratio. Net income decreased 6% year-over-year to Ps. 2,494 million. Despite challenges, the company’s operating income improved 18% to Ps. 3,325 million, reflecting a healthy market dynamic.
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