Consorcio Ara SAB de CV (STU:4GJ)
€ 0.132 -0.002 (-1.49%) Market Cap: 175.11 Mil Enterprise Value: 186.50 Mil PE Ratio: 6.29 PB Ratio: 0.24 GF Score: 50/100

Q2 2024 Consorcio Ara SAB de CV Earnings Call Transcript

Jul 24, 2024 / 03:00PM GMT
Release Date Price: €0.137 (-2.14%)

Key Points

Positve
  • Consorcio Ara SAB de CV (CNRFF) reported a 2.7% growth in revenues for the second quarter of 2024 compared to the same period in 2023, totaling MXN1.89 billion.
  • The company generated positive free cash flow of MXN375.3 million in the second quarter of 2024, maintaining cash and cash equivalents balance unchanged from the close of 2023.
  • Affordable entry-level homes saw a significant revenue growth of 14.7% in the second quarter of 2024 compared to the same period in 2023.
  • The shopping center division performed well, with revenues growing by 10.6% in the second quarter of 2024 compared to the same period in 2023.
  • Consorcio Ara SAB de CV (CNRFF) maintained a strong financial position with a stable cash and cash equivalents balance of MXN2.29 billion as of June 30, 2024.
Negative
  • Residential revenues decreased by 26.2% in the second quarter of 2024 compared to the same period in 2023, primarily due to lower revenues from developments in Acapulco affected by Hurricane Otis.
  • The average price of homes sold in the first half of 2024 was 1.8% lower compared to the same period in 2023.
  • Accounts receivable increased by 8.8% as of June 30, 2024, compared to December 31, 2023.
  • The net debt to EBITDA ratio, although low, was positive at MXN108.7 million at the close of the second quarter of 2024.
  • The residential project Dream Diamante in Acapulco is expected to fully recover only by 2025, indicating a slower recovery pace.
Operator

Hello, and welcome to today's second-quarter 2024 results conference call and webcast. My name is Leslie and I will be your event specialist today. (Operator Instructions) Please note that today's conference call and webcast are being recorded. (Operator Instructions) To follow the conference online, please visit https://consorcioarah.transmision.com.mx. The word transmision is with one s only.

If you would like to view the presentation in a full-screen view, please click the full screen button in the upper left-hand corner of your screen. Press the same button to return to your original view. It is now my pleasure to turn today's program over to Alicia Enriquez, Co-Chief Executive, Administrative, and Financial Officer. Please go ahead.

Alicia Enriquez Pimentel
Consorcio Ara SAB de CV - Co-Chief Executive Administrative and Finance Officer

Thank you, Leslie. Good morning and a warm welcome to our conference call on the second-quarter 2024 results of Consorcio Ara. This call will be also transmitted via webcast, accompanied by a slide show for visual

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