In the current landscape, where the real estate sector faces multiple economic challenges, Corpovael, S.A.B. de C.V. (CADU), a leader in the development of sustainable housing in Mexico, has once again demonstrated its ability to maintain a steady and positive course. The company has published its financial results for the first quarter of 2024, highlighting achievements in operational efficiency and financial strength.
Although the report shows a decrease in the number of units sold and total revenues, CADU has managed to offset these setbacks with robust cost control and a notable improvement in profitability margins. Specifically, the company's total debt has been reduced by 21.5%, reflecting prudent and strategic financial management.
A highlight of the quarter was the 13.1% increase in the average selling price, which not only underscores the superior quality of CADU's developments but also their market positioning strategy. This adjustment has enabled an improvement in the gross margin by 3.6 percentage points, reaching 27.5%.
Operating profit and EBITDA, although reduced compared to the previous year, showed relatively stable margins. This demonstrates CADU's ability to manage costs effectively in a context of slowing sales, thus maintaining profitability at competitive levels.
In terms of innovation and social commitment, CADU continues to be a pioneer in the development of sustainable housing. During the quarter, progress was highlighted in obtaining EDGE certification for housing, which promises significant savings in energy and water, reflecting the company's commitment to sustainability and the well-being of the communities where it operates.
Pedro Vaca Elguero, Chairman of the Board and CEO of CADU, stated: "We are facing a period of consolidation with a clear strategy and a firm focus on sustainability. Our efforts are centered not only on overcoming the challenges of the present but also on strengthening our long-term leadership position, ensuring that each project contributes positively to our social and environmental surroundings."
With plans for expansion and the introduction of new projects on the horizon, CADU is gearing up for a year full of opportunities, anticipating that current initiatives will further catalyze its capacity to innovate and lead the market towards a more sustainable future.
