Mexico’s Grupo Simec sees net profit rise in Q4 2020

Thursday, 18 February 2021 20:18:38 (GMT+3)   |   San Diego

Mexican steelmaker Grupo Simec’s net profit in Q4 2020 rose 122 percent, year-over-year, in local currency to MXN 717 million ($35 million), the company said while releasing its quarterly results.

The company also went from an EBITDA loss of MXN 42 million ($2 million) in Q4 2019 to post an EBITDA gain of MXN 1.98 billion ($97.2 million) in Q4 2020.

Grupo Simec said net revenues in Q4 2020 grew 40 percent, year-over-year, to MXN 10.2 billion ($500.1 million). Steel sales volumes in Q4 2020 also rose to 602,000 mt, from 570,000 mt in Q4 2019.

USD = MXN 20.43 (February 18)

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