Valentine Hilaire, Kylie Madry

MEXICO CITY, (Reuters) – Mexican retailer and bottler Femsa intends to double the size of its Oxxo convenience shops in Latin America within the next 10 years, according to executives. There are also hundreds more planned for Brazil and Chile, respectively, as well as Colombia, Chile, and Colombia by 2022.

Femsa owns 20,431 Oxxo store locations in Latin America. This generates about 35% of the parent company’s revenue.

On a conference call, company executives stated that they were planning to add 800 Oxxo retail stores to Brazil by 2022.

Juan Fonseca is the director of investor relations and spoke about the company’s ambitions to expand internationally.

Femsa stated that it has completed the acquisition of OK Market. OK Market operates 134 convenience shops in Chile.

Femsa reported a fourth quarter net profit of $6.7 billion ($328m) earlier Monday. This is an increase from the net loss in the previous year’s period of 1.2 million pesos. It was boosted by higher operating profits and lower net interest costs.

This conglomerate manages the most powerful Coca-Cola (NYSE 🙂 producer worldwide. The company also reported a 16.3% growth in its quarterly revenue due to the expansion of all business units.

Earnings before interest tax, amortization, and depreciation rose to 23.4 Billion Pesos for the quarter, as compared with Refinitiv’s estimate of 23.07 Billion.

Coca-Cola Femsa (the company’s subsidiary) reported an 82.8% rise in its quarterly net profit. The increase was attributed to the increased sales in Latin America, according to John Santa Maria, Chief Executive.

Barclays In a mid January analysis, (LON) stated that Femsa had a good position in 2022.

Femsa Shares rose by 0.86% at the close of market Monday afternoon.

($1 = 20.5075 pesos at end-December)