Grupo Collado, one of the largest steel transformation and service centers in Mexico, recorded net income of MXN 94.1 million ($5.5 million) in the second quarter of the year, 43.3 percent more than in the same period last year, the company reported to the Mexican Stock Exchange (BMV).
The increase in net income was recorded despite a 20.0 percent drop in the value of sales that totaled MXN 2.89 billion ($168.6 million).
According to Collado, this was the result of the sale of products with higher added value, lower interest expenses and a higher exchange rate profit during the period. In the quarter, the company recognized a drop of 25.5 percent in the international price of steel, compared to the second quarter of last year.
As of June, the company registered 3,590 workers, 9.1 percent more than in December 2022. During that period, it hired 274 workers and 26 employees.
Grupo Collado is one of the largest steel processors and transformers with 11 plants, 7 warehouses and 22 sales offices.