MEXICALI, Mexico, March 1, 2011 /PRNewswire/ -- Urbi Desarrollos Urbanos, S.A.B. de C.V. announced its 4Q10 results in line with its strategy of quality growth, consolidating its leadership in margins and as the company with the highest net earnings in the industry.
The company's results in 4Q10 were
- Revenues of MX$4,984 millions, 4.2% higher than 4Q09
- Ebitda of MX$1,334 millions, with a margin of 26.8%
- Net income grew by 127.9% with a margin of 14.6%
- Free Cash Flow to the Equity was MX$347 million, which includes MX$1,088 millions of strategic investments in the integration of housing projects in progress from other home developers
Selene Avalos, Urbi's CFO, commented: "Our leadership in defensive housing with the highest margins in the industry, remains as one of Urbi's strongest competitive advantages as it allows us to deliver higher earnings with lower housing volumes, which highlights the efficiencies of our business model and the benefits obtained from having the most diversified product portfolio and sales schemes in the Mexican Housing Industry."
"2010 was a good year as we were able to deliver quality growth by increasing revenues, while further strengthening Urbi's operating capacity and geographical diversification by reaching 63 strategic business units and expanding our presence to 35 cities; a 50% and 100% growth in just 3 years respectively".
As a result of its strong liquidity position, Urbi decided to use part of its cash flow to integrate 3 additional housing projects in progress during the quarter; without these investments Urbi's FCFE for 4Q10 would be of MX$1,435 million.
Cuauhtemoc Perez, Urbi's CEO, added: "The current initiatives and fundamentals of the industry support Urbi's business strategy. The CLM scheme, combined with our strong liquidity position, is allowing us to integrate housing projects from cash-strapped home-developers to complement our growth; our leadership in the development of DUIS certified projects and UrbiNova uniquely position us to continue capturing the subsidies and mortgages for sustainable and vertical housing; and our 7 year track record with Alternativa Urbi, allow us to capitalize on the increasing focus of the federal agencies to attend the housing needs of non- traditional workers".
"These exclusive competitive advantages allow us to continue delivering a superior growth rate, the highest margins in the industry and deliver strong free cash flow to the equity, while simultaneously strengthening our balance and improving our return on equity, achievements that will consolidate our leadership in the industry".
Urbi Desarrollos Urbanos S.A.B. de C.V. (MSE: URBI*) is the leading housing developer in Mexico. Currently, Urbi is present in 35 cities, covering the main metropolitan areas and the most dynamic medium-size cities in the country. In over 29 years of operations, Urbi has developed over 370,000 homes, and has always conducted its business with a strong emphasis on financial performance, making it one of the most profitable companies in the sector.
Investor Relations Manager
URBI Desarrollos Urbanos, SAB de CV
Rio Danubio # 109
06500 Mexico DF,
Telefono: 011 52 55 11020390x10724
SOURCE Urbi Desarrollos Urbanos S.A.B. de C.V.