Vitro’s operating flow increases 178%

MONTERREY, NL 27-Feb-2023 .- Vitro reported this Monday that its operating flow increased to 85 million dollars in the fourth quarter of 2022, compared to the 31 million of the previous yearwhich meant a rise of 178.4 percent.

According to his report, this result was mainly due to a greater Demand for Flat Glass products and Glass containersan increase in the price due to inflationary pressures and a better product mix, which was partially offset by a higher cost of transportation, raw materials, packaging, labor and energy.

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In the quarter ended last December, the Vitro consolidated net sales went up 16.5 percent year against year, to $596 milliondriven in part by better performance in the segment of flat glass.

He specified that the flat glass sales they grew up 20.8 percentcompared to the fourth quarter of 2021, due to an increase in sales of the segments Architectural and Automotive in most of the geographies in which Vitro participates.

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“The Architectural business increased its Sales mainly in the United States due to greater growth in the demand for value-added glass for the specialty and commercial markets. automotive increased their sales in 4Q22 compared to 4Q21 mainly due to higher sales of laminated and tempered glass to original equipment manufacturers in Mexico, United States and Europepartially offset by a drop in sales to the aftermarket industry,” it detailed in its report.

The packaging salesmeanwhile, remained relatively stable with a marginal negative year-on-year variation year of -0.9 percentdue to a decrease in sales of the Machine Manufacturing businesswhich was partially offset by the increase in Sales of Glass Containers to value-added industries perfumes, cosmetics and liquors.

Vitro also said that the chemical sales presented an advance of 3.9 percent in the fourth quarter of 2022, due to higher sales of sodium carbonate, sodium bicarbonate and sodium chloride due to the growth in the national market, as well as the greater availability of products and better price mix.

However, he noted that this was partially offset by a decrease in the calcium chloride sale due to a decrease in the availability of transport that limited the commercialization of our product in the United States.

In the quarter, Vitro achieved a net profit of 6 million dollars, against the loss of 93 million registered between October and December 2021.

“In the fourth quarter of 2022, we had positive organic growth from our businesses in nearly every country in the world in which we operate despite a turbulent environment due to inflationary pressures and an announced recession. During the quarter, we saw continuity in the efficient operation of businesses with strong sales activity mainly from Flat Glass and Glass Containers businessmaintaining the momentum towards 2023″, commented Adrián Sada Cueva, General Director of Vitro.

Net debt at the end of the fourth quarter of 2022 was 621 million dollars, including the unpaid balance of the working capital lines used at the end of that period. Vitro made investments of fixed assets for 54 million dollars.

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Vitro highlighted that the Oven 4 for Glass Containersas well as the expansion of capacity in the architectural solar control sector, are in the construction process with an eye on starting operations at the beginning of the second half of 2023.