Guadalajara, Jalisco, Mexico, May 8, 2023. – Operadora de Servicios Mega, S.A. de C.V., SOFOM E.R. (“Mega”), a company focused on leasing and credit origination in Mexico and the United States, announced today its unaudited financial results for the first quarter 2023. The figures presented in this report are expressed in millions of nominal Mexican Pesos (unless otherwise stated), are preliminary and non-audited, prepared in accordance with regulatory accounting standards issued by the National Banking and Securities Commission (CNBV), and may include minor differences due to rounding.
1Q23 Operational Highlights
- As of March 31, 2023, the loan portfolio totaled Ps.17,086 million, up 15.8% compared to Ps.14,755 million in 1Q22, driven mainly by the SME segment (+20.2%).
- During 1Q23, the average loan per client was Ps.8.9 million, increasing 4.7% compared to the Ps.8.5 million recorded in 1Q22.
- Originations decelerated 40.9% YoY, from Ps.1,242 million in 1Q22 to Ps.734 million this quarter, in line with expectations of zero growth for 2023.
- At the end of 1Q23, the NPL ratio remained one of the lowest in the industry, at 3.3%, vs. 3.0% in 4Q22, and 2.0% in 1Q22.
1Q23 Financial Highlights
- During 1Q23, total revenues decreased 1.8% YoY to Ps.747 million, reflecting a 67.9% contraction in the commercial margin, which more than offset the 5.0% growth in interest income.
- Financial margin increased 10.6% YoY, from Ps.192 million in 1Q22 to Ps.212 million in 1Q23.
- Net income reached Ps.36 million in 1Q23, compared to Ps.96 million in 1Q22, and Ps. 9 million in the previous quarter.
- Although debt increased 7.9% YoY, totaling Ps.14,645 million at the end of 1Q23, it declined 8.2% compared to Ps.15,947 million in 4Q22, as a result of solid cash flow generation.
- Compared to 1Q22, leverage remained stable at 5.5x, while showing an improvement compared to the 5.7x recorded in 4Q22.
First Quarter 2023 Unaudited Financial Results Conference Call
Date: Monday, May 8, 2023
Time: 11:00 A.M. Mexico City (CST)
13:00 P.M. Eastern Standard Time (EST)
Participants: Guillermo Romo – Executive Chairman
Jaime Gómez – CFO
Webinar Link: https://us02web.zoom.us/webinar/register/WN_-l9X9s2RTwSdM8VWwfPEig#/registration
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
contacto@gfmega.com
Tel. +52 (33) 3777 1640