GUADALAJARA, Mexico, April 25, 2024 /PRNewswire/ -- Grupo Simec, S.A.B. de C.V. (NYSE:SIM) ("Simec") announced today its results of operations for the three-month period ended March 31, 2024. Comparative first quarter of 2024 vs. first quarter of 2023 Net SalesThe net sales of the company decreased derived from a less sales price. Sales passed from Ps. 12,825 million in the first quarter of 2023 to Ps. 7,885 million in the same period of 2024. Shipments of steel finished goods decreased 21% from 604 thousand tons in the first quarter of 2023 compared to 479 thousand tons in the same period of 2024. Total sales outside of Mexico in the first quarter of 2024 decreased 29% to reach Ps. 3,694 million compared to Ps. 5,181 million in the same period of 2023. The Mexican sales decreased 45% from Ps. 7,644 million in the first quarter of 2023 to Ps. 4,191 million in the same period of 2024. The decrease in sales can be explained, from mainly due to a lower volume of tons shipped and the average sales price per ton of steel finished goods decreased 22% in the first quarter of 2024 compared with the same period of 2023. Cost of SalesThe cost of sales decreased from Ps. 9,618 million in the first quarter of 2023 to Ps. 5,876 million in the same period of 2024. Cost of sales as a percentage of net sales in the first quarter of 2024 and 2023 represented 75% for both periods. The average cost of sales per ton of steel finished goods decreased 23% in the first quarter of 2024 compared to the same period of 2023. Gross ProfitThe gross profit of the company decreased 37% from Ps. 3,207 million in 2023 to Ps. 2,009 million in the same period of 2024. Gross profit as a percentage of net sales in the first quarter of 2024 and 2023 represented 25% for both periods. The decrease in gross profit is caused by a lower Volume of tons shipped in the first quarter of 2024 compared with the same period of 2023. General, Sales and administrative ExpensesGeneral, selling, and administrative expenses increased 1%, from Ps.587 million in the first quarter of 2023 to Ps. 595 million in the same period of 2024 and representing 5% of net sales in 2023 compared to 8% for the period 2024. Other Expenses (Income) net The company recorded other income net of Ps. 5 million in the first quarter of 2024 compared to other income net of Ps. 58 million in the same period of 2023. Operating IncomeThe operating income decreased from Ps. 2,678 million for the first quarter of 2023 compared to Ps. 1,419 million in the same period of 2024. Operating income as a percentage of net sales was 18% in the first quarter of 2024 compared to 21% in the same period of 2023. The decrease in operating income is primarily due to a lower volume of tons shipped and a lower average selling price in the first quarter of 2024 compared to the same period in 2023. EBITDAThe EBITDA of the Company was of Ps. 2,959 million for the first quarter of 2023, as a result of a net income of Ps. 1,033 million, less minority stake of Ps. 2 million, plus income taxes of Ps. 531 million, plus comprehensive financial cost of Ps. 1,116 million, plus depreciation of Ps. 281 million to Ps 1,668 million in the same period of 2024 as a result of a net income of Ps. 1,456 million, plus income taxes of Ps. 110 million, less comprehensive financial cost of Ps. 147 million, plus depreciation of Ps. 249.                                                      Consolidated  Million   Comparative first quarter of 2024 vs first quarter of 2023, 2024 2023 Net income (loss) 1,456 1,033 Loss attributable to noncontrolling interests (2) Net income (loss) 1,456 1,031 Depreciation and amortization 249 281 Income taxes 110 531 Financial results income (loss) (147) 1,116 EBITDA 1,668 2,959 Items to reconciled adjusted EBITDA Equity results and other results in associates and joint ventures 0 0 Dividends received and interest from associates and joint ventures (i) 0 0 Impairment and disposal of non-current assets 0 0 Adjusted EBITDA 1,668