CELAYA, MEXICO — Celaya, Mexico-based poultry and pork producer Industrias Bachoco released its fiscal third-quarter earnings ending Sept. 30, 2022, which included net sales increase of $47.8 million, a 20.9% increase compared to the same period last year.

“According to the seasonality of our industry, the third quarter usually shows adjustments on margins vs. the first half of the year,” said Rodolfo Ramos Arvizu, chief executive officer of Bachoco. “In that regard, 3Q22 behaved as so.”

Mexico and US markets both experienced a decline in prices compared to the first half of 2022.

“Under a landscape of volatile macroeconomic conditions, we had been able to keep our SG&A (Selling, General and Administrative Expenses) under control as a percentage of sales, reporting 8.6% for the quarter which compares to the 8.9% of 3Q21.” added Arvizu.

Sales for the first nine months of the year represented 25.7% of total sales, compared to 24.7% during the same period a year ago.

Poultry sales for the quarter increased 21.6%, totaling 64,372 million pesos ($3.24 billion).

Revenue for the third quarter totaled to 24,457 million pesos (US$1.23 billion), up 20.9% from last year.

Bachoco said increased demand resulted in higher volume while prices were higher across the main business lines from the same period in 2021.