NEW YORK--(BUSINESS WIRE)--Servicios Corporativos Javer (BMV: JAVER) delivered a strong performance in the third quarter of 2024 (3Q24) and the first nine months of the year (9M24), achieving double-digit growth across several key metrics. These results highlight the effectiveness of the company’s strategy, which focuses on optimizing its sales mix toward higher-value residential properties.
During 3Q24, the company sold 3,119 homes, representing a slight decrease of 3.4% compared to the same period last year. However, net revenue grew by 6.5%, reaching $2,481 million. This increase was driven by a 45.1% rise in sales within the residential segment, reflecting the success of the company’s new commercial strategy. The average selling price rose to $793,000 pesos, a 10.6% increase compared to 3Q23, contributing to enhanced profitability.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also saw a significant rise of 11.8%, reaching $460.9 million in 3Q24. Additionally, the EBITDA margin increased by 0.9 percentage points, standing at 18.6%. Net income for the quarter was $217.9 million, marking an impressive 42.9% increase compared to 3Q23. Javer continued to generate positive free cash flow, amounting to $243.8 million during the quarter, although this represented a 19% decrease compared to 3Q23. On a cumulative basis, the company generated $416 million in free cash flow during the first nine months of the year.
CEO René Martínez emphasized the company’s strong position as it heads toward the end of 2024 with favorable results. He also highlighted the recent upgrade in Javer’s credit rating by HR Ratings to "AA" with a stable outlook, reinforcing confidence in the company’s financial stability.
Finally, Martínez noted that the company is awaiting regulatory approvals for a public acquisition offer from Vinte Viviendas Integrales, which would mark a significant milestone in Javer’s history.
Javer also made progress in its sustainability commitment by preliminarily certifying seven of its projects under the EDGE standard, endorsed by the International Finance Corporation (IFC). These certifications ensure that over 5,800 homes will generate savings in water and electricity for homeowners and reduce CO2 emissions during construction.
These results position Javer well to face the challenges of the fourth quarter and continue driving its growth into 2025.
Read the full release at: Emerging Exchange
