FEMSA Reports 23% Growth in 4Q22
Among this week’s top stories, FEMSA published its operational and financial results for 2022. Meanwhile, Mexico will increase meat product imports from Argentina and Brazil as part of a strategy to curb inflation.
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FEMSA Announces Financial Results for 2022
On Feb. 24, 2023, FEMSA published its operational and financial results for 4Q22 and FY22. FEMSA’s consolidated revenues grew by 23% against 4Q21, reaching MX$186.47 billion (US$10.13 billion). On the other hand, the company reported a 28% fall in net profit of US$247 million during 4Q22 due to the appreciation of the peso. Daniel Rodríguez, CEO, FEMSA, mentioned that Coca-Cola FEMSA will see a rise in spending. Additionally, company executives revealed that US$100 million will go to the health division and around US$120 million to smaller businesses.
Mexico Opens Doors to Brazilian and Argentinian Meat
Francisco Calderón, Director, National Health, Safety and Food Quality Service (SENASICA), said Mexico is importing meat products from Argentina and Brazil as part of a plan to curtail inflation. Calderón stressed that SENASICA’s strategy to confront high meat prices has been to diversify markets to provide the food and inputs needed for domestic production and supply.
Mexico Will Increase Basic Grain Production in 2023
At Expo Agro Sinaloa 2023, Victor Villalobos, Minister of Agriculture, stated that the government is working to increase basic grain production at a national level. Villalobos highlighted that the Fertilizers for Welfare program has led to an increase in corn yields. Rubén Rocha, Governor of Sinaloa, proposed to establish a guaranteed price for the commercialization of corn. Moreover, he stressed that Sinaloa will play a leading role in the federal government’s request to increase Mexico’s corn production.
AXA, WWF Promote Regenerative Agriculture in Oaxaca
AXA Mexico Foundation and the World Wildlife Fund (WWF) have joined forces to prevent deforestation and promote regenerative agriculture practices in Oaxaca. Berenice Valencia, Deputy Director of Sustainability, AXA Seguros, and Director, Fundación AXA Mexico, stressed that forest conservation is crucial in the fight against climate change, as it contributes to clean air, carbon capture and soil protection. According to Valencia, since the project started in 2021, a total of 130,000 trees have been successfully sowed with a 93% survival rate.
Sustainability in Mexico’s Agro Sector
This week’s Expert Contributor, Lia Bijnsdorp, Managing Director, United Producers of Mexico, talks about the potential for Mexico's agribusiness sector to achieve sustainability goals through the adoption of a more sustainable and equitable productive chain. She highlights the importance of the Forum On Sustainable & Social Impact on Agriculture in Mexico to bring together national agri-trade associations to share their experiences and promote innovative practices in the sector.