Industrias Bachoco saw its net sales rise significantly during the third quarter of the 2022 fiscal year.
The quarter ended on September 30, while the company released its financial results via a press release on October 24.
Overall, the company recorded net sales of MXN24.5 billion (US$1.23 billion), which was a 20.9% increase when compared to the third quarter of fiscal year 2021. That increase in sales was made with only a 1.4% year-over-year increase in net volumes.
Rodolfo Ramos Arvizu, CEO of Bachoco, said those increases in net sales were “closely following the trend of (Bachoco’s) input costs.”
Broken down geographically, the company reported net sales of MXN18 billion for its Mexican operations, a 20.2% year-over-year increase. Regarding its U.S. operations, net sales of MXN6.5 billion were achieved, a 23% improvement when compared to the net sales of one year ago. The company also reported that its U.S. operations accounted for 26.5% of the company’s total sales during the quarter, a half of a percent higher proportion than the third quarter of fiscal year 2021.
O.K. Foods, based in Fort Smith, Arkansas, is Bachoco’s U.S. subsidiary.
Buyout, delisting pending
Presently a publicly traded company, Bachoco announced in March that it is preparing a voluntary public offering and has plans to delist the company in both Mexico and the United States.
According to an earlier press release, current shareholders of the family of Robinson Bours, the founder of Bachoco, informed Bachoco’s board that it intends to launch a voluntary public offering for up to all of the outstanding shares of the company, which amounts to about 27% of Bachoco’s outstanding capital.
Earlier this month, members of the board reached a consensus that the buyout offer was fair, with the board members who were potential buyers abstaining from the vote. Arvizu is not a shareholder.
However, progress toward making that offer a reality has stalled, and no mention of the proposed delisting was mentioned in the press release that announced the financial results.