The Mexican petrochemical company has indicated that it remains on track with its structural cost reduction initiatives and will evaluate additional opportunities that will take place throughout the year.

The Mexican petrochemical company Alpek has managed to come out of losses in the first quarter of the year, registering a net profit until March of US$ 8 million, compared to the 'red numbers' of US$ 6 million in the same period of the previous year.

However, sales have fallen 8% year-on-year, to US$1,903 million. Alpek's turnover has contracted in all business areas, with a decrease of 6% in the polyester segment, which represents more than 73% of its turnover.

For its part, operating expenses have decreased by 39% since the first quarter of the previous year, remaining at US$ 72 million.

The gross operating result (Ebitda) has been US$ 168 million, 10% lower than that achieved in the first quarter of 2023. Meanwhile, the operating result has been US$ 95 million, 25% higher in interannual terms .

Meanwhile, net debt has increased by 5% since the fourth quarter of 2023, reaching US$ 1,807 million. Since the first quarter of the previous year, it has fallen by 13%.

"The results for the first quarter of the year were in line with our expectations. We have started to see some recovery in demand, which has led to higher volumes across our product portfolio, specifically in the polyester business," stated the CEO of Alpek, Jorge Young.

Alpek is confident of being able to meet its forecasts for 2024, as the petrochemical industry is expected to experience a slight recovery as the year progresses, heading towards a "more stable" year.

Additionally, the company has indicated that it remains on track with its structural cost reduction initiatives and will evaluate additional opportunities that will take place throughout the year.