CADU has seen a 47.8% growth in middle-income housing revenues as a result of a strategy that
focuses on higher product diversification and the displacement of new middle-income and
middle-residential housing designs.
Total revenues rose by 36.8% from $727 million in the 2Q21 to $994 million in 2Q22 as a result
of the aforementioned factors and higher house sales. Total revenues for 6M22 were $1,635
million, up 4.4% from 2Q21's $1,566 million, or total revenues. This gain resulted from the fact
that higher revenues from land sales, which increased by 7.2%, more than compensated for
lower revenues from land sales and building services
So, from $16 million in 2Q21 to $64 million in 2Q22, net income increased by 287.6%.
EBITDA for 2Q22 totaled $169 million, up 59.3% from $106 million in 2Q21. This was driven by
the higher housing displacement in the period. The 2Q22 EBITDA margin increased 2.4 pp. from
14.6% in 2Q21 to 17.0% in 2Q22. EBITDA for the full year was $230 million, down 9.6% vs. $255
million in 6M21. This reflects the inflationary effects that the Company has absorbed, which are
not in the same proportion as the increase in housing prices. During 6M22, the EBITDA margin
was 14.1% vs. 16.3% in 6M21.
On the Free Cash Flow (FCF) side, In 2Q22, totaled $156 million, increasing 490.8% compared to
$26 million in 2Q21. During the first half of 2022, Free Cash Flow was $78 million vs. $225
million in 6M21.
Mr. Pedro Vaca Elguero, Chief Executive Officer of the Company mentioned, "In line with our
strategies of recovery, preserving liquidity, generating cash flow and reducing debt, the cash and
bank balance remained at a similar level to 1Q22, favored in part by the $156 million of free
cash flow generated during the period. Similarly, as of June 30, 2022, the total debt remained
virtually unchanged from that recorded in the same period of 2021."
Finally, although we are aware of the challenges inherent in higher inflation and interest rates,
however, our outlook remains positive, as Infonavit does not plan to increase interest rates on
its loans in the short and medium term and the company continues to invest in new
low-income, middle-income and middle-residential housing projects in Quintana Roo,
Guadalajara and Querétaro.
