Revenue and earnings from Mexico-based Sigma Alimentos increased at double-digit rates in 2015, parent company Alfa said today (10 February).
Sigma, which manufactures products from ham and sausages to cheese and yoghurt, booked consolidated revenue of MXN5.91bn for last year, up 10% on 2014. Consolidated EBITDA was up 37% at MXN869m. The business is Alfa’s largest by sales and EBITDA.
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The 10% rise in revenues came despite an 11% fall in the fourth quarter of the year, hit by the appreciation of the US dollar versus the Mexican peso and the euro. Excluding currency fluctuations, Sigma’s quarterly revenue rose 3%.
Fourth-quarter EBITDA was up 44%, although was flat when excluding one-off items due to foreign exchange. Stripping out the impact of the stronger US dollar, quarterly EBITDA increased 14%.
Last year, Sigma took control of Spain-based cooked meats group Campofrio. Sigma bought the 37% of the business owned by Chinese meat processor WH Group.
In November 2013, Sigma had launched a takeover bid for Campofrio, in which WH Group held a stake after buying US processor Smithfield Foods. Sigma and WH Group – then called Shuanghui International – reached a deal to jointly own the business, with Sigma holding 45% of the group and the Chinese firm 37%.
Sigma’s most recent acquisition was agreed in the third quarter of last year, when it snapped up Ecuadorian meat business Ecarni.
