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Bond Market News
PEMEX Declares Q1 Results; Profits Drops Sharply
April 29, 2024
PEMEX declared its first quarter results on Friday. The company reported revenue of MXN 405.9bn ($23.6bn), decreasing 3% YoY and its net profit fell by 91.7% to MXN 4.7bn ($300mn) from MXN 56.7bn ($3.3bn) a year ago. The drop in net profit was attributed to the decrease in total sales and foreign exchange yield along with an increase in cost of sales. PEMEX’s total debt decreased by 5.7% QoQ to $101.5bn and it had revolving credit facilities of up to $ 6.9bn and MXN 20.5bn ($1.2bn) for managing its liquidity. According to PEMEX’s CEO Octavio Romero, the company expects the government’s support to continue as it works to reduce its debt burden.
Its 6.875% 2026s traded stable at 96.7 cents on the dollar, yielding 8.5%.
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