PROMOTORA Y OPERADORA DE INFRAESTRUCTURA, S. A. B. DE C. V. Promotora y Operadora de Infraestructura, S.A.B. de C.V.
Announces Unaudited First Quarter - 2024 Results
April 25, 2024, Mexico City.
Promotora y Operadora de Infraestructura, S.A.B. de C.V. (BMV: PINFRA),a company dedicated to the promotion, development, construction, financing, and operation of infrastructure projects in Mexico, announced today its unaudited results for the first quarter of 2024, which concluded on March 31.
For the purposes of this document, and unless otherwise stated, variations in the figures refer to changes in the first quarter of 2024 compared to the same period in 2023.
PINFRA is one of the leading companies in Mexico dedicated to the promotion, development, construction, financing, and operation of infrastructure projects. To date, the Company has 23 concession titles, consisting of 1 port concession and 29 toll roads (26 of which are in full operation, 1 under partial construction, one under construction, and one with pending procedures), and 1 port terminal, in addition to an operating contract for a bridge and an operating contract for toll collection on the FONADIN Toll Roads network. In addition to the main business, the company has 2 plants that produce asphalt mixtures, as well as a construction segment focused primarily on the administration and supervision of construction and maintenance projects for the toll roads covered by the company's concession titles.
Management Commentary
"We are pleased with the successful conclusion of another quarter, characterized by
positive results across all our segments and continued growth in our asset portfolio. These
achievements reinforce our company's position in the market and are in line with our
fundamental mission of driving the country's economic development."
- David Peñaloza Alanís, CEO.
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Relevant Events
- We continue with the expansion works on the Armería-Manzanillo Toll Road, initiated on November 16, 2022. These works involve widening the road from 4 to 6 lanes over a stretch of 46 km, as well as making improvements to sections of the Manzanillo Bypass. The total investment for all the works in this project is approximately $4 billion pesos. The completion of the project is expected by May 2025.
- Regarding the Michoacán Package works:
- On June 22, 2023, construction began on the Michoacán Package in the presence of the Secretary of Communications and Transport of the SICT. The project involves expanding the Pátzcuaro - Uruapan section from 2 to 4 lanes over a distance of 22 km, specifically in the Zirahuén - Zirimícuaro section. The investment in this section of the project amounts to 1.2 billion pesos.
- On November 17, 2023, PINFRA began construction works for the Uruapan - Nueva Italia section. The works in this section represent an investment of 6.5 billion pesos.
- PINFRA was awarded the "Libramiento Colima" project, which will be carried out with an estimated investment of $5.3 billion pesos. The consortium for the project consists of 50% PINFRA and 50% RECSA. The project spans a total of 28.8 km, and construction is expected to commence in September of this year.
- PINFRA won the competition for the reconstruction and operation of the "Rumbo Nuevo" Toll Road, a project involving the modernization of the current 37 km route. An investment of $1.45 billion pesos in capital will be allocated to this project.
- The second modification to the Concession Title of the Elevated Bypass of Puebla was signed, involving the expansion of lanes and the construction of complementary works. The total investment is $530 million pesos for the expansion works and $45 million pesos for the underpass works. The consortium is divided into 49% for PINFRA and 51% for Aleática. Construction for the project will begin in 2Q24.
ESG
- The Board of Directors conducted its quarterly session in 1Q24 and approved the company's Financial Statements.
- In October 2023, the ESG section was launched on the PINFRA website. This platform will serve as a tool to disseminate compliance-relateddocuments, as well as social and environmental programs and everything related to ESG aspects. Additionally, the first Annual
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Sustainability Report for 2022 was conducted and published, fulfilling one of our key objectives for this year.
Summary for the Quarter:
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 | |
Net Revenues | 4,837.7 | 3,543.0 | 37% | |
EBITDA | 2,835.0 | 2,518.0 | 13% | |
EBITDA Margin | 59% | 71% | ||
Operating Profit (Loss) | 2,577.8 | 2,224.4 | 16% | |
Operating Margin | 53% | 63% | ||
Net Profit (Loss) | 1,010.6 | 74% | ||
1,763.3 | ||||
Net Margin | 36% | 29% | ||
Earnings per share (pesos) | 4.1 | 2.4 | 74% | |
Net Cash Flow | 1,938.0 | 2,338.3 | -17% | |
The company's consolidated revenues reached $4,837.7 million pesos, 37% higher compared to the same period last year. This increase is attributable to the very positive performance of all three segments of the company in the quarter.
The EBITDA for the quarter was $2,835 million pesos, with a margin of 59%. Compared to the same period last year, this is higher by $317 million pesos, a 13% increase, demonstrating once again the growth across all segments of the company.
Operating profit was $2,577.8 million pesos, representing a margin of 53%, and higher than 1Q23 by $353.4 million pesos, or 16%.
Net profit for 1Q24 is $1,763.3 million pesos, with a margin of 36%. Compared to the same period last year, it is higher by $752.7 million pesos, or 74%.
The operating cash flow for 1Q24 was $1,938 million pesos compared to $2,338.3 million pesos for the same period in 2023, a decrease of 17%.
Revenues by Segment
1Q24 | 1Q24 | 1Q23 | 1Q23 | |||||||||
Segment | Ps. Millions | % of total | Ps. Millions | % of total | 1Q24 VS 1Q23 | |||||||
revenues | revenues | |||||||||||
Concessions | 3,661.5 | 76% | 3,214.9 | 91% | 14% | |||||||
Toll Road Concessions: | 3,277.7 | 68% | 2,880.1 | 81% | 14% | |||||||
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Securitized Toll Roads | 412.7 | 9% | 369.7 | 10% | 12% |
Fibra E Toll Roads | 1,164.3 | 24% | 1,092.7 | 31% | 7% |
Sec. Toll Roads in Fibra E | 1,140.1 | 24% | 927.4 | 26% | 23% |
Non-Securitized Toll Roads | 560.5 | 12% | 490.3 | 14% | 14% |
Altamira Port Terminal | 383.7 | 8% | 334.9 | 9% | 15% |
Construction | 1,095.9 | 23% | 279.2 | 8% | 293% |
Plants | 80.4 | 2% | 48.9 | 1% | 64% |
Total | 4,837.7 | 100% | 3,543.0 | 100% | 37% |
*PINFRA has a participation (direct and indirect) of approximately 80% of the fiscal result in the Fibra E roads. **In this table, our Operators are included within the Non-securitized Toll Roads.
The concessioned toll roads, which represent 68% of the company's revenues during 1Q24, showed a 14% increase in revenues, driven by the organic and continuous growth in traffic on our roads.
The Port of Altamira, accounting for 8% of the group's quarterly revenues for 1Q24, saw a 15% increase in revenues, recording excellent results.
In the construction sector, representing 23% of the company's revenues during 1Q24, revenues were $1,095.9 million pesos, higher than the same period last year by $816.7 million pesos, or 293%, mainly due to the projects that were not being executed in 1Q23, such as the Pátzcuaro-Uruapan Expansion and the Armería - Manzanillo Expansion.
Regarding the Plants, representing 2% of the company's quarterly revenues during this quarter, they recorded revenues of $80.4 million pesos, a 64% increase compared to 1Q23. This is due to higher production and sales of mixture in this quarter.
As a result of the above points, the company's consolidated revenues showed very satisfactory results compared to the first quarter of 2023, increasing by 37%.
EBITDA by Segment
1Q24 | 1Q24 | 1Q23 | 1Q23 | ||
Segment | Ps. Millions | % of total | Ps. Millions | % of total | 1Q24 VS 1Q23 |
EBITDA | EBITDA | ||||
Concessions | 2,808.7 | 99% | 2,471.5 | 98% | 14% |
Construction | 7.9 | 0% | 48.9 | 2% | -84% |
Plants | 18.5 | 1% | -2.4 | 0% | -872% |
Total | 2,835.0 | 100% | 2,518.0 | 100% | 13% |
*PINFRA has a participation (direct and indirect) of approximately 80% of the fiscal result in the Fibra E roads. **In this table, our Operators are included within the Non-securitized Toll Roads.
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The consolidated EBITDA was $2,835 million pesos, which is 13% higher than that of 1Q23, with a margin of 59%.
EBITDA
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 |
Net profit (loss) | 1,763.3 | 1,010.6 | 74% |
Plus: minority interests, associated results | 379.5 | 247.6 | 53% |
Provisions for taxes and others | 503.1 | 338.0 | 49% |
Discontinued operations | - | - | N.C. |
Share of results of associated companies | -23.8 | 3.6 | -763% |
Plus: Comprehensive Financial Cost | (44.3) | 624.6 | -107% |
Plus: Depreciation and Amortization | 257.2 | 293.6 | -12% |
EBITDA | 2,835.0 | 2,518.0 | 13% |
*Numbers in red or in parentheses are positive.
Consolidated Results
Ps. millions
Net Revenues
Cost of goods sold
Administrative costs
Other (revenues) costs, net
Operating profit (loss)
Comprehensive financing cost Taxes
Discontinued operations
Share of results of associated companies Non-controlling interest
Net profit (loss)
*Numbers in red are positive.
1Q24 | 1Q23 | 1Q24 VS 1Q23 |
4,837.7 | 3,543.0 | 37% |
2,186.7 | 1,325.0 | 65% |
99.6 | 63.7 | 56% |
-26.5 | - 70.15 | -62% |
2,577.8 | 2,224.4 | 16% |
-44.3 | 624.6 | -107% |
503.1 | 338.0 | 49% |
0.0 | 0.0 | N.C. |
-23.8 | 3.6 | -763% |
379.5 | 247.6 | 53% |
1,763.3 | 1,010.6 | 74% |
In 1Q24, the operating income was $2,577.8 million pesos, representing a margin of 53%, and it is higher than that of 1Q23 by $353.4 million pesos, or 16%.
The comprehensive financing cost in the first quarter of 2024 reflects a favorable amount of $44.3 million pesos, while in the same quarter of the previous year, it represented an unfavorable amount of $624.6 million pesos. Comparing this quarter to the same period in 2023, it is higher by a net amount of $668.9 million pesos. This increase is mainly attributed to a reduction in foreign exchange
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losses amounting to $557.1 million pesos, an increase in gained interest of 114.2 million pesos, and a decrease in interest expenses of $206 million pesos.
As for the company's participation in the results of associates, this quarter represented $23.8 million pesos in our favor.
Concessions Segment
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 |
Concessions | |||
Net revenues | 3,661.5 | 3,214.9 | 13.9% |
Gross profit (loss) | 2,628.7 | 2,214.8 | 18.7% |
Operating profit (loss) | 2,560.1 | 2,184.5 | 17.2% |
EBITDA | 2,808.7 | 2,471.5 | 13.6% |
The concessions segment, the most significant within the group, accounted for 76% of the consolidated revenues and 99% of the consolidated EBITDA.
Likewise, the Altamira Port Terminal performed excellently, with revenues of $383.7 million pesos, 15% higher than those obtained in 1Q23.
Overall, the revenue growth of the concessions segment was 14% compared to the same period in 2023.
Traffic
1Q24 | 1Q23 | ADTV | ||||||||
ADTV | ADTV | 1Q24 VS 1Q23 | ||||||||
Concessioned Toll Roads: | ||||||||||
Tenango-Ixtapan de la Sal | 8,700 | 8,696 | 0.0% | |||||||
Securitized Toll | Armería - Manzanillo | 13,695 | 12,539 | 9.2% | ||||||
Roads | ||||||||||
Santa Ana-Altar | 5,019 | 5,109 | -1.8% | |||||||
México-Toluca | 53,865 | 56,019 | -3.8% | |||||||
Marquesa-Lerma | 18,313 | 17,189 | 6.5% | |||||||
Ecatepec - Pirámides | 22,972 | 22,583 | 1.7% | |||||||
FVIA | Pirámides - Texcoco (Tezoyuca) | 16,438 | 14,854 | 10.7% | ||||||
Pirámides - Texcoco (Nabor-Carrillo) | 5,284 | 3,296 | 60.3% | |||||||
Ecatepec-Pirámides-Texcoco(1) | 29,529 | 27,660 | 6.8% | |||||||
Peñón-Texcoco | 40,018 | 38,088 | 5.1% | |||||||
Vía Atlixcáyotl | 24,187 | 23,601 | 2.5% | |||||||
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Securitized Toll
Roads in FVIA
Non-Securitized Toll
Roads
Total
*Amount in thousands pesos
Virreyes-Teziutlán | 4,987 | 4,701 | 6.1% |
Apizaco-Huauchinango | 3,989 | 3,780 | 5.5% |
Atlixco-Jantetelco | 5,521 | 5,229 | 5.6% |
Paquete Michoacán | 32,509 | 32,419 | 0.3% |
Zitácuaro-Lengua de Vaca | 4,444 | 4,351 | 2.1% |
San Luis Rio Colorado-Estación Dr. | 523 | 495 | 5.8% |
Tlaxcala - San Martín Texmelucan | 5,789 | 5,526 | 4.8% |
Tlaxcala - Xoxtla | 11,877 | 11,185 | 6.2% |
Monterrey - Nuevo Laredo | 11,744 | 11,186.66 | 5.0% |
Siglo XXI | 2,893 | 2,612.52 | 10.7% |
Libramiento de Aguascalientes | 6,794 | 6,154.73 | 10.4% |
Puente El Prieto (2) | 3,938 | 4.4% | |
4,111 | |||
Puente JOLOPO | 2,368 | 2,242 | 5.6% |
306,039 | 295,794 | 3% | |
- Ecatepec-Pirámides-Texcocois integrated by the Ecatepec-Pirámides and Pirámides-Texcoco toll roads. To integrate the traffic of the two roads, the individual traffics are weighted against the individual revenues to obtain the corresponding traffic of the combination of the two toll roads.
- The JOLOPO bridge ADTV is derived from the operation contract assigned to PINFRA. The total ADTV is multiplied by PINFRA's 42.5%.
Regarding the roads that consolidate in the company's results, the Average Daily Traffic Volume (ADTV) was 306,039 vehicles, 3% higher than that of the same period the previous year, with revenues of $3,235.3 million pesos, 14% higher than those reported in 1Q23. These results once again demonstrate the solid growth of our road assets.
1Q24 | 1Q23 | ADTV | |||||||
ADTV | ADTV | 1Q24 VS 1Q23 | |||||||
Concessioned Toll Roads: | |||||||||
Toll Roads | Morelia-Aeropuerto | 1,516 | 1,645 | -8% | |||||
not | |||||||||
consolidated | |||||||||
within the | Viaducto Elevado de Puebla | 7,145 | 7,250 | -1% | |||||
Results | |||||||||
Total | 8,661 | 8,895 | -3% | ||||||
*Cifras en mdp.
The Morelia-Aeropuerto road and the Puebla Bypass are not consolidated in PINFRA's income statement. In Morelia-Aeropuerto, the company is a 50% partner, and in the Puebla Bypass, it is a 49% partner. The revenues and traffic shown are equivalent to the results corresponding to PINFRA for these participation percentages.
The revenues in the mentioned concessions grew by 9% compared to 1Q23, reaching $109.6 million pesos. The Average Daily Traffic Volume (ADTV) was 8,661 vehicles, 3% lower than the same period in 2023.
Toll Road Traffic and Revenues Summary (Consolidated toll roads)
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Average Daily Traffic Volume (ADTV) | 1Q24 | 1Q23 | 1Q24 VS 1Q23 | |
Securitized Toll Roads | 27,413 | 26,344 | 4% | |
Fibra E Toll Roads | 156,890 | 152,030 | 3% | |
Securitized Fibra E Toll Roads | 71,194 | 69,730 | 2% | |
Non-Securitized Toll Roads | 50,541 | 47,691 | 6% | |
Total Toll Roads | 306,039 | 295,794 | 3% | |
Income (millions of pesos) | 1Q24 | 1Q23 | 1Q24 VS 1Q23 | |
Securitized Toll Roads | 413 | 370 | 12% | |
Fibra E Toll Roads | 1,164 | 1,093 | 7% | |
Securitized Fibra E Toll Roads | 1,140 | 927 | 23% | |
Non-Securitized Toll Roads | 518 | 455 | 14% | |
Operadora Metropolitana de Carreteras | 31.1 | 28.0 | 11% | |
Operadora de Autopistas de Michoacán | 3.4 | 6.9 | -50% | |
Operadora La Sultana | 7.9 | 0.0 | - | |
Total Toll Roads | $ 3,277.7 | $ 2,880.1 | 14% | |
Operadora Metropolitana de Carreteras* | ||||
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 | |
OMC - Operadora de Carreteras | ||||
Net Revenues | 328.3 | 292.4 | -10.9% | |
*These results show OMC at an individual level without eliminations due to the consolidation of the financial statements.
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OMC, PINFRA's toll road operating company, had revenues of $328.3 million pesos derived from toll payments for roads and bridges, representing a decrease of 10.9% compared to 1Q23.
It is necessary to note that, when consolidating PINFRA's financial statements, OMC's revenues are eliminated as it charges each of the toll road concessionaires for its services. When reviewing the concessions individually, the effect of operating expenses is reflected and affects each project differently. The cash flow is real and stays within OMC.
Infraestructura Portuaria Mexicana (Altamira Port Terminal)
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 |
IPM Altamira | |||
Revenues | 383.7 | 334.9 | 15% |
Cargo Volume | |||
Containers (units) | 59,654 | 49,758 | 20% |
Steel (Ton) | 151,786 | 209,624 | -28% |
General cargo (Ton) | 3,253 | 5,249 | -38% |
Automobiles (units) | 22,574 | 1,480 | 1425% |
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Infraestructura Portuaria Mexicana had revenues of $383.7 million pesos, 15% higher than the ones obtained during the same quarter of 2023.
Segmento Construcción
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 |
Construction | |||
Net Revenues | 1,095.9 | 279.2 | 292.5% |
Gross profit (loss) | 2.1 | 2.9 | -29.1% |
Operating profit (loss) | 7.1 | 48.7 | -85.3% |
EBITDA | 7.9 | 48.9 | -83.9% |
Gross margin | 0% | 1% | |
Operating margin | 1% | 17% | |
EBITDA margin | 1% | 18% | |
The revenues of the construction segment grew by 292.5% compared to the same quarter of the previous year, with revenues of $1,095.9 million pesos, representing 23% of the total quarterly revenues of the group, mainly due to projects that were not under development in 1Q23, such as the Pátzcuaro-Uruapan Expansion and the Armería-Manzanillo Expansion, as mentioned earlier.
The EBITDA of the segment decreased by 83.9% compared to the same quarter of the previous year.
It is important to emphasize, as in each quarter, that the results of the construction segment are not recurring due to the nature of the business.
Progress in our construction projects is described as follows:
- On November 16, 2022, the expansion works on the Armería-Manzanillo toll road commenced. These works involve widening the road from 4 to 6 lanes over a stretch of 46 km, along with constructing improvements in sections of the Manzanillo Bypass. The total investment for all the works in this project is approximately $4 billion pesos. The completion of the project is expected by May 2025.
- Regarding the Michoacán Package works:
- On June 22, 2023, construction began on the Michoacán Package in the presence of the Secretary of Communications and Transport of the SICT. The project involves expanding from 2 to 4 lanes over a distance of 22 km in the Pátzcuaro - Uruapan section, specifically
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in the Zirahuén - Zirimícuaro area. The investment in this section of the project amounts to 1.2 billion pesos.
- On November 17, 2023, construction works began in the Uruapan - Nueva Italia section. The works in this section represent an investment of 6.5 billion pesos.
Construction Materials Segment (Plants)
Ps. Millions | 1Q24 | 1Q23 | 1Q24 VS 1Q23 | |
Plants | ||||
Net Revenue | 80.4 | 48.9 | 64.4% | |
Gross profit (loss) | 20.2 | 0.2 | 9531.4% | |
Operating profit (loss) | 10.5 | - | 8.8 | -218.9% |
EBITDA | 18.5 | - | 2.4 | -872.3% |
Gross margin | 25% | 0% | ||
Operating margin | 13% | -18% | ||
EBITDA margin | 23% | -5% | ||
This segment is formed by Grupo Corporativo Interstatal, Suministros Especializados de
Puebla, and Mexicana de Cales, and it brought in 2% of the group's quarterly revenues, reaching $80.4 million pesos. They are higher by $31.5 million pesos compared to the same period of the previous year, or 64.4%. This is due to a higher production and sale of asphalt mix during this quarter, as mentioned earlier.
Balance General
Ps. Millions | 1Q24 | 4Q23 | % Var |
Cash and short-term investments | 14,920.6 | 15,603.6 | -4% |
Non-restricted funds in trusts | 121.4 | 63.0 | 93% |
Restricted funds in trusts | 8,989.1 | 8,092.4 | 11% |
Derivative financial instruments | 211.5 | 235.2 | n/a |
Accounts receivable | 786.5 | 630.2 | 25% |
Inventories | 211.4 | 202.3 | 4% |
Other | 2,068.9 | 1,767.1 | 17% |
Current Assets | 27,309.4 | 26,593.8 | 3% | |||||
Investment in non-consolidated subsidiaries | 967.7 | 943.9 | 3% | |||||
and associates | ||||||||
Other accounts receivable (associates) | 393.1 | 388.7 | 1% | |||||
Long term funds in trusts | 500.8 | 492.6 | 2% | |||||
Plant, property, and equipment, net | 2,744.8 | 2,741.0 | 0% | |||||
Concessions investments, Net | 40,944.6 | 40,051.6 | 2% | |||||
Differed income tax | 3,893.9 | 3,782.4 | 3% | |||||
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Disclaimer
PINFRA - Promotora y Operadora de Infraestructura SAB de CV published this content on 25 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 13:56:07 UTC.
