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Grupo Carso increases its employees by 20.2%

Grupo Carso reported a 20.2% year-over-year increase in the number of its employees at the end of the third quarter of 2022, to 93,686, both permanent and unionized.

The company‘s main businesses are concentrated in the following divisions: Commercial, Industrial, Infrastructure and Construction, and Energy.

Each of the companies operates autonomously and independently, coordinated through Carso’s Board of Directors, seeking to make the operation of each of them more efficient, obtaining operating synergies within the Company and maintaining flat structures that result in orderly growth with adequate profitability.

Within the labor force, the number of employees in positions of trust totaled 32,856, an increase of 20.8%, and unionized employees totaled 50,751, a year-over-year increase of 19.9%.

The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were performed as of December 31, 2021 by independent actuaries, members of the Mexican Association of Consulting Actuaries.

Thus, the present value of the defined benefit obligation and the labor cost of current service and the cost of past services were calculated using the projected unit credit method.

In 2021, a net period cost related to these obligations of Ps. 381 million was recorded.

Grupo Carso

Actuarial gains and losses are recognized immediately in other comprehensive income net of deferred tax, in accordance with the net asset or liability recognized in the consolidated statement of financial position, to reflect the employee benefit plan surplus (or deficit).

Meanwhile, past service costs are recognized in income when the plan amendment is made or when restructuring costs are recognized.

A change in economic, labor or tax conditions could change these estimates.

Carso companies are leaders in the main sectors in which they participate.

However, the environment opens the possibility of increased or new competition.

Under this situation, some of the company’s subsidiaries could lose market share, or face an oversupply of products, which could cause contractions in their operating margins.

Grupo Carso’s industrial companies have faced increased competition in the markets they serve, both from domestic and foreign companies.

This has put pressure on the prices of industrial products, has affected market share in certain product lines, and in some cases has led to decreases in operating margins.

 

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