The Mexican bakery giant also signed an agreement with Cerealto Siro Foods to acquire a production plant in Medina del Campo, Spain, and acquired Modern Foods, a leading player in the baking industry in India.
“2020 was a year in which we were tested, confronted by the uncertainty caused by the proliferation of COVID-19, which required us as individuals, as a company and as a community to rise to meet the great challenge of the pandemic with unity, creativity, and dynamism,” said chairman and CEO Daniel Servitje.
“It was a remarkable year for Grupo Bimbo evidenced by several milestones, including record financial results. Even in this challenging environment, market share gains across multiple categories, IRA named us the fastest growing large consumer products company in the USA.”
CFO Diego Gaxiola added, “In 2020, we reached record levels for net sales and adjusted EBITDA, we doubled our gross cash flow and reached the lowest leverage of the past 10 years. We start 2021 stronger than ever and despite the tough comparable, we are ready to continue strengthening our financial position.”
Sales growth across all key categories of branded products fuelled a 12.4% rise in fourth-quarter results to 84.78 billion pesos ($4.05bn), while full year results saw a 13.4% increase to 331.05 billion ($15.83bn).
Adjusted EBITDA reached record levels, rising 18.2% in the fourth quarter to 12.77 billion pesos ($610m) and up by 19.3% in the full year to 45.19 billion ($2.16bn).
For the year ended December 31, 2020, operating income was 25.41 billion pesos (R1.21bn), up 24.4% from 20.42 billion ($976m) in 2019.