MEGA REPORTS A DECREASE IN TOTAL PORTFOLIO OF 5.7% WITH AN NPL RATIO OF 3.8% AND LEVERAGE OF 5.6x FOR 4Q23

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Guadalajara, Jalisco, Mexico, March 4, 2024. – 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 fourth quarter and full year 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.

 

4Q23 Operational Highlights

  • As of December 31, 2023, the loan portfolio totaled Ps.16,171 million, down 5.7% compared to Ps.17,151 million in 4Q22.
  • During 4Q23, the average loan per client was Ps.11.6 million, increasing 32.1% compared to the Ps.8.8 million recorded in 4Q22.
  • Originations decelerated 43.7% YoY, from Ps.1,629 million in 4Q22 to Ps.829 million this quarter, in line with the Company’s strategy of prioritizing asset quality and liquidity over portfolio growth.
  • At the end of 4Q23, the NPL ratio remained one of the lowest in the industry, remaining at 3.8% compared to 3Q23, versus the 3.0% recorded in 4Q22.

 

4Q23 Financial Highlights

  • Total revenues for 4Q23 decreased by 47.4% YoY to Ps.432 million, reflecting a reduction in both interest income and the commercial margin.
  • Financial margin decreased from Ps.451 million in 4Q22 to negative Ps.123 million in 4Q23.
  • Net income decreased compared to the Ps.9 million reported in 4Q22.
  • In comparison to 4Q22, net debt decreased 10.4% YoY as a result of solid cash flow generation, totaling Ps.12,715 million at the end of 4Q23.
  • Leverage ratio improved from 5.7x in 4Q22 to 5.6x in 4Q23.

 

Fourth Quarter and Full Year 2023 Unaudited Financial Results Conference Call 

Date: Tuesday, March 5, 2024

Time: 10:00 A.M. Mexico City (CST) 

           11:00 A.M. Eastern Standard Time (EST) 

Participants: Guillermo Romo – Executive Chairman  

                        Jaime Gómez – CFO 

Webinar Link: https://us02web.zoom.us/webinar/register/WN_yAC99g-qQs-zzgTGgn-YJw

 

Miranda Newswire – Full Press Release: Download PDF

 

Investor Relations Contact Details

contacto@gfmega.com

Tel. +52 (33) 3777 1640

 
About the Company
Operadora de Servicios Mega, S.A. de C.V., SOFOM E.R. (“Mega”) is a company specialized in leasing and credit origination in Mexico and the United States, with more than 20 years of experience, offering financial solutions to companies underserved by traditional banks. Mega’s unique portfolio is diversified across regions and sectors with high growth potential.

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