Betterware de Mexico, referred to as BeFra after its acquisition of Jafra, released its first quarter 2024 financial results, reporting a 10.4% year-over-year increase in net revenue compared to the first quarter of 2023. EBITDA increased by 15.4% year over year, and net income for the quarter reached $17.1 million. Net revenue for the first quarter was $209 million, with a gross margin of 73.6%.
The Betterware Mexico segment of the company experienced a 12% bump in year-over-year net revenue, marking its highest revenue since the second quarter of 2022. Jafra also had a positive quarter, seeing an 11.3% year-over-year increase in net revenue for its Mexico market. Since its acquisition two years ago, Jafra Mexico’s net revenue has grown 46%.
“We are very proud of our performance during the first quarter of 2024, which is a year of transformation for our company as multiple growth and efficiency initiatives gain additional traction,” said Luis G. Campos, BeFra Chairman of the Board. “BeFra’s resurgent growth accelerated during the quarter, sustained by a strong back-to-back growth trend at Betterware Mexico, driven by product innovation and effective marketing strategies, and by the ongoing successful expansion of Jafra Mexico, which has proven to be a highly accretive acquisition.”
The company’s official launch into the US this month is expected to continue to drive momentum as it focuses on the Hispanic market, starting with Texas. Peru will make up the next phase of its ongoing growth strategy, with an expected launch date of Q1 2025.
