Alpek accounts for 48% of Alfa’s revenue. During the first quarter, its sales rose 13% to $ 1,614 million, while its EBITDA nearly tripled from $ 111 to $ 324 million.
“Alpek exceeded performance expectations by taking advantage of strong volume, higher reference margins in polyester and polypropylene, positive increases in oil and raw material prices, as well as temporary disruptions caused by the polar vortex that affected the Costa del Gulf in the United States”, Alvaro Fernandez, Monterey Conglomerate general manager, detailing in the report.
In view of the good results, the company increased its forecast for 2021. Alfa’s new EBITDA guidelines for 2021 amounts to $ 1.637 million.
On the other hand, Sigma, the food unit, which also contributes 48% of Alfa’s revenue, recorded a 1% decrease in its revenue, while its Ebitda revenue increased 7%. In the report, Fernandes indicated that the Sigma result was in line with expectations and was driven by a 51% increase in operational flow in Europe, as well as an improvement in the recovery of the credit channel. Food service during March.
Xtel, the telecommunications company, was the worst performing company. From January to March, revenue and Ebitda were down 11% and 71%. And Alpha indicated in its report that “Xtel” “continues to interact with potential buyers who have shown interest in its infrastructure unit.”
The potential Axtel sale aims to reduce the group’s debt and achieve the goal that leverage, measured as net debt in proportion to Ebitda, is 2.5 times. At the end of the quarter, the leverage was 2.9 times. It is the first time, since the start of the epidemic, that the leverage has fallen below 3 times.