JAVER Celebrates 50 Years with Outstanding Results in 3Q23

NEW YORK--(BUSINESS WIRE)--The Monterrey-based company, JAVER, reported double-digit growth in gross profit, EBITDA, and net income, reflecting its strong performance in the market.

Gross profit saw a year-on-year increase of 17.1%, rising from MXN 610.4 million to MXN 715.1 million. EBITDA grew a robust 23.6%, reaching MXN 412.3 million, while net income surged by 56.3%, amounting to MXN 152.5 million.

Cumulatively, for the first nine months of the year, JAVER reported a 16.9% increase in gross profit and a 20.0% rise in EBITDA. Net income also showcased a robust growth of 57.7%.

CEO, Mr. René Martínez, expressed his contentment with the results and emphasized the growth in key financial metrics. He also highlighted the proposal for an additional dividend, reflecting confidence in the company's future.

JAVER continued to expand its market presence, selling 3,230 units in the quarter and a cumulative total of 9,378 units for the year, marking a 2.7% increase compared to the sales of the first nine months of 2022.

Regarding the expansion and launch of new projects, by the end of September, JAVER had initiated 4 new developments that are already titling units: 2 targeting the residential segment and 2 focused on middle-income housing. These developments are strategically located in key regions such as the State of Mexico, Jalisco, and Nuevo León. The company's commitment to expansion remains unwavering, with 7 additional inaugurations anticipated in the fourth quarter, thus meeting the annual projection.

The company also received an upgrade in its credit rating from HR Ratings, which positively adjusted its score to “AA-”, a testament to JAVER's strength and stability in the real estate sector.

With these results, the company projects a 2023 year-end with revenue growth between 12% and 15% and an EBITDA increase of around 20%.

With a track record spanning five decades and serving over 300,000 families, we anticipate JAVER will continue to reaffirm its commitment to quality housing development in Mexico and maintain its leadership position in the sector.

Read the full release at: Emerging Exchange