MEGA REPORTS A DECREASE IN TOTAL PORTFOLIO OF 8.9% WITH AN NPL RATIO OF 3.9% AND LEVERAGE OF 5.2x FOR 1Q24

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Guadalajara, Jalisco, Mexico, May 7, 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 first quarter 2024. 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.

 

1Q24 Operational Highlights

  • As of March 31, 2024, the loan portfolio totaled Ps.15,560 million, down 8.9% compared to Ps.17,086 million in 1Q23.

  • During 1Q24, the average loan per client was Ps.12.9 million, increasing 45.3% compared to the Ps.8.9 million recorded in 1Q23.

  • Originations increased 13.2% YoY, from Ps.734 million in 1Q23 to Ps.831 million this quarter, driven by an increase in simple credit issuance.

  • At the end of 1Q24, the NPL ratio was 3.9%, vs. 3.8% in 4Q23, and 3.3% in 1Q23.

 

1Q24 Financial Highlights

  • During 1Q24, total revenues decreased 0.3% YoY to Ps.745 million, reflecting a 46.1% contraction in the commercial margin, which more than offset the 1.1% growth in interest income.

  • Financial margin decreased 29.2% YoY, from Ps.212 million in 1Q23 to Ps.150 million in 1Q24.

  • Net income stood at Ps.15 million in 1Q24, compared to Ps.36 million in 1Q23, and following a net loss last quarter.

  • In comparison to 1Q23, net debt decreased 12.3% YoY as a result of solid cash flow generation, totaling Ps.12,032 million at the end of 1Q24.

  • Leverage decreased from 5.5x in 1Q23 to 5.2x in 1Q24, improving when compared to the 5.6x recorded in 4Q23. 

 

First Quarter 2024 Unaudited Financial Results Conference Call 

Date: Wednesday, May 8, 2024

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_YWtZfCAqT0K519mc6-3dyQ

 

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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