Bimbo Sales Reached US$5.5 Billion in 1Q23

Among this week’s top stories, Bimbo sales reached MX$99.5 million in 1Q23. Meanwhile, SADER and UNEP will work together on the promotion of native corn varieties. 

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Bimbo Hits Record Sales in 1Q23

Between January and March 2023, Grupo Bimbo’s sales reached US$5.5 billion, which represented an increase of 9.9% against the same period in 2022. In North America, the bakery registered 15.3% growth and in Mexico sales increased 19.8%. However, the Mexican company reported a net profit of MX$4.046 million (US$225.09 million), which reflected a decrease of 9.4% over the previous year, due to exchange rate effects, payment of pension plans, as well as discontinued profits associated with the sale of Ricolino. 

UN, SADER Join Forces to Promote Native Corn Varieties

Victor Villalobos, Minister, SADER, met with Susan Gardner, Director of the Ecosystems Division, UNEP, to discuss the importance of promoting sustainable practices in the primary sector. The diplomats agreed to work on joint projects for the conservation and sustainable use of biodiversity, the recarbonization of soils and the promotion of native corn varieties. Gardner stressed the importance of creating a federal law to preserve native corn varieties. She underscored that SADER has developed lines of research to recover the traditional knowledge of the guardians of the native species of corn. 

FIRA Places First Green Resilience Bond in Latin America

On April 25, 2023, FIRA announced it had placed Latin America’s first green resilience bond on the stock market for US$154.89 million for a period of 3.1 years. The fund pointed out that the resources obtained will be destined to promote the investment of productive projects that can improve the resilience of producers and value chains in the agricultural sector. Through this, FIRA aims to reduce risk and vulnerability in rural areas so that farmer communities can endure the effects of climate change.