Grupo Simec S.a. De C.v. (SIM) has released an update.
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Grupo Simec, a major steel producer, has reported a 24% decline in net sales for the year ending December 31, 2023, with sales falling from Ps. 54,159 million in 2022 to Ps. 41,139 million in 2023 due to decreased shipments and average sales price. The company’s operating income also saw a significant drop of 37%, while the EBITDA fell by 35%, both reflecting a challenging financial year. Amidst these declines, net income also decreased by 44%, evidencing the financial hurdles faced by the company over the period.
For further insights into SIM stock, check out TipRanks’ Stock Analysis page.
