Guadalajara, Jalisco, Mexico, November 6, 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 third 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.
3Q23 Operational Highlights
- As of September 30, 2023, the loan portfolio totaled Ps.16,250 million, up 1.8% compared to Ps.15,961 million in 3Q22, driven mainly by the SME segment (+8.1%).
- During 3Q23, the average loan per client was Ps.10.4 million, increasing 18.2% compared to the Ps.8.8 million recorded in 3Q22.
- Originations decelerated 48.7% YoY, from Ps.1,197 million in 3Q22 to Ps.615 million this quarter, in line with the Company’s strategy of prioritizing asset quality and liquidity over portfolio growth.
- At the end of 3Q23, the NPL ratio remained one of the lowest in the industry, at 3.8% compared to 2Q23, versus the 2.4% in 3Q22.
3Q23 Financial Highlights
- Total revenues for 3Q23 increased by 6.8% YoY to Ps.688 million, reflecting a 22.2% increase in interest income, which more than offset the contraction in the commercial margin.
- Financial margin decreased 3% YoY, from Ps.97 million in 3Q22 to Ps.46 million in 3Q23.
- Net income reached Ps.201.5 million in 3Q23, compared to Ps.200.9 million in 3Q22.
- In comparison to 3Q22, net debt decreased 9.7% YoY, as a result of solid cash flow generation, totaling Ps.12,756 million at the end of 3Q23.
- Leverage improved from 6.0x in 3Q22 to 4.9x in 3Q23.
Third Quarter 2023 Unaudited Financial Results Conference Call
Date: Tuesday, November 7, 2023
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_sO8CMHcfShm-KgPCrkQkSA
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
contacto@gfmega.com
Tel. +52 (33) 3777 1640