Betterware de Mexico announced its fourth quarter and full year 2023 financial results, reporting Q4 revenue of $198 million, a 5.2% increase from the previous year’s quarter. Gross margin during the quarter held steady at 70% with a 36.7% boost in EBITDA.
Revenue for the full year 2023 increased by 13.1% to $760 million with an EBITDA of $159 million. Net income for 2023 was $104 million, a 20.3% increase from 2022.
In the year ahead, the company is prioritizing cost control and improving cost efficiencies, including assessing its raw material and supplier costs, as well as preparing for its launches within the US and Peru.
“Our Jafra acquisition has proven both successful and highly accretive; surpassing our expectations and delivering exceptional results,” said Luis G. Campos, Betterware Chairman of the Board. “Prior to the acquisition, Jafra Mexico faced a declining trend in net revenue, which we successfully reversed to secure double-digit growth in 2023. Similarly, EBITDA and EBITDA margin have followed this positive trend. The initial implementation of our proven model’s key pillars- product innovation, technology, and business intelligence- has propelled the company back into a growth phase while elevating profitability to new heights. We have also realized meaningful synergies resulting in cost savings across various areas including catalog printouts, cardboard, insurance, market research, software, technology resources, and organizational optimization. Jafra is poised for a strong trajectory within Mexico’s large and growing beauty market, approximately 50% of which is served by the direct sales segment. 2023 has been a pivotal year in our pursuit of becoming the number one direct sales beauty company in Mexico, and we remain steadfast in our commitment to implementing all necessary transformations to achieve this goal.”
