Guadalajara, Jalisco, Mexico, August 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 second 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.
2Q23 Operational Highlights
- As of June 30, 2023, the loan portfolio totaled Ps.16,824 million, up 8.2% compared to Ps.15,553 million in 2Q22, driven mainly by the SME segment (+15.6%).
- During 2Q23, the average loan per client was Ps.9.8 million, increasing 13.7% compared to the Ps.8.6 million recorded in 2Q22.
- Originations decelerated 35.0% YoY, from Ps.1,265 million in 2Q22 to Ps.823 million this quarter, in line with the Company’s strategy of prioritizing asset quality and liquidity over portfolio growth.
- At the end of 2Q23, the NPL ratio remained one of the lowest in the industry, at 3.8%, vs. 3.3% in 1Q23, and 2.2% in 2Q22.
2Q23 Financial Highlights
- During 2Q23, total revenues grew by 38.7% YoY to Ps.824 million, reflecting a 70.4% increase in interest income, which more than offset the 66.3% contraction in the commercial margin.
- Financial margin increased 174.7% YoY, from Ps.132 million in 2Q22 to Ps.362 million in 2Q23.
- Net income reached Ps.3 million in 2Q23, compared to Ps.55 million in 2Q22.
- In comparison to 2Q22, net debt decreased 5.7% YoY, as a result of solid cash flow generation, totaling Ps.12,887 million at the end of 2Q23.
- Leverage improved from 6.4x in 2Q22 to 5.9x in 2Q23.
Second Quarter 2023 Unaudited Financial Results Conference Call
Date: Wednesday, August 9, 2023
Time: 9:00 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_K3rp6cZRT5Sv9BPLGlxhFA
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
contacto@gfmega.com
Tel. +52 (33) 3777 1640