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Femsa, which is selling its stakes in Dutch brewing giant Heineken (OTC:HEINY) and Jetro Restaurant Depot as it looks to focus on its retail and bottling businesses, reported a net profit of 6.16 billion pesos ($360 million) for the April to June period.
Quarterly revenues also rose 18% year-on-year to 198.22 billion pesos, slightly below the Refinitiv estimate of 199.745 billion pesos, with the company citing growth across its business units, particularly in its convenience and gas store division.
Revenues from Oxxo stores, ubiquitous in Mexico, rose 20% across Latin America helped by stronger same-store sales and further expansion.
Femsa said it added 444 new units in Latin America during the three months to reach a net total of 1,391 new stores over the last year. As of the end of June, it added, Proximity Americas counted a total of 22,059 Oxxo stores.
The company’s fintech arm, meanwhile, Spin by Oxxo, more than doubled its user base from a year earlier, reaching 7.6 million users.
“The second quarter results announced today represent an example of the organic growth potential we have before us,” said interim Chief Executive Jose Antonio Fernandez, who is set to hold the post until a replacement is found.
Former CEO Daniel Rodriguez announced his resignation earlier in July for health reasons.
Femsa’s earnings before interest, tax, depreciation and amortization (EBITDA), or core earnings, for the quarter rose 16% to 27.13 billion pesos.
Earlier this week, the company’s Coca-Cola (NYSE:KO) FEMSA bottling subsidiary reported a slight increase in quarterly net income as it shifted increased volumes and the appreciation of the Mexican peso had mixed effect.
($1 = 17.1156 pesos at end-June)
