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Non-Controlling Interest
 12 Months Ended
Dec. 31, 2023
Non-Controlling Interest [Abstract]  
Non-controlling interest
18. Non-controlling interest

 

As mentioned in Note 4, Grupo Simec, S.A.B. de C.V. owns substantially all of the capital stock of its subsidiaries, except for SimRep Corporation and subsidiaries, where it owns 99.41%. The non-controlling equity represents the participation in this subsidiary held by minority stockholders and is presented in the consolidated statement of financial position after controlling interest. The consolidated statement of comprehensive income presents net income or loss for the full year, as well as comprehensive income or loss for the full year. The distribution in controlling and non-controlling participation is presented after the consolidated comprehensive income for the year.

 

The table below shows the changes for the years ended December 31, 2023 and 2022:

 

   2023   2022 
         
Balance at beginning of year  $37,647   $41,161 
Share of profits and losses for the year   (8,793)   (1,612)
Share of translation effects of foreign subsidiaries   (4,013)   (1,902)
Balance at the end of the year  $24,841   $37,647