Javer Announces Solid Financial Results for the Second Quarter of 2024

NEW YORK--(BUSINESS WIRE)--Servicios Corporativos Javer S.A.B. de C.V. (BMV: JAVER) has reported robust financial results for the second quarter (Q2 2024) and the first half (H1 2024), showcasing significant growth across key indicators. René Martínez, the company's CEO, highlighted the ongoing positive momentum that the company has maintained over the past 24 months.

In Q2 2024, Javer achieved double-digit annual growth in both EBITDA and net income, with respective increases of 23.5% and 53.6%. For the first half, EBITDA and net income rose by 24.2% and 54.1%. The average selling price per home increased by 7.4% for the quarter and 11.5% for the half-year, reaching 785,400 pesos per unit, primarily driven by changes in the sales mix.

Among other notable financial results, Javer's net revenues grew by 6.5% in Q2 2024, reaching 2,453.3 million pesos, and by 4.6% in H1 2024, totaling 4,561.0 million pesos. Gross profit increased by 17.8% in the quarter and by 16.5% in the half-year, with gross margins of 33.0% and 32.9%, respectively. Net income for Q2 2024 was 210.6 million pesos, while for the six-month period, it reached 303.2 million pesos.

During the second quarter, Javer commenced the documentation process for three new projects in Aguascalientes, Estado de México, and Nuevo León, accumulating six projects in the half-year out of an annual target of fourteen.

On May 20, 2024, the shareholders indirectly holding 62.69% of Javer's share capital entered into a framework transaction agreement with Vinte Viviendas Integrales, S.A.B. de C.V. (Vinte) as the buyer. Under the agreement, Vinte will launch a Public Tender Offer (PTO) on the BMV to acquire up to 100% of Javer's shares at a price of 14.9355 pesos per share. Javer's shareholders have agreed to accept the PTO and sell all their shares to Vinte, subject to approvals from the CNBV and COFECE.

These results reflect Javer's effective strategy to maximize profitability through a higher-value product mix and demonstrate resilience in a challenging economic environment. Javer remains optimistic about achieving its annual goals, reaffirming double-digit growth in revenues and EBITDA.

Read the full release at: Emerging Exchange