Helbor’s Profit Rises, While Multi and Tupy Face Challenges in Q1 2024

Multi (MULT3), formerly Multilaser, reported a net loss of R$69 million ($13.4 million) in Q1 2024. This represents a 78.8% decrease from Q4 2023 and a 79.9% decrease from Q1 2023.

Multi’s EBITDA was negative R$27.3 million ($5.3 million), a 90.4% drop from the previous quarter and a 90.8% drop from the same period last year.

The company’s focus on healthy products and discontinuing of its telephone line influenced this performance.

Net revenue decreased to R$730.8 million ($141.9 million), down 13.1% from the previous quarter and 6.9% from the same period last year.

However, the mobile devices segment achieved a gross profit of R$23.8 million ($4.6 million). The Kids & Sports segment and sales to small and medium retailers showed significant growth.

Multi ended the quarter with a cash position of R$269.2 million ($52.3 million), a reduction of R$139.3 million ($27 million) from the previous quarter.

The company’s leverage, measured by the net debt/EBITDA ratio, was 0.69x in Q1 2024. Multi announced a new partnership with Chinese brand OPPO for manufacturing and distributing products.

Helbor Reports R$33.2 Million ($6.4 Million) Profit in Q1 2024

Helbor (HBOR3) announced a net profit of R$33.2 million ($6.4 million) for Q1 2024, a 19.1% increase from Q1 2023.

The adjusted EBITDA for the quarter was R$64.1 million ($12.4 million), a 26.6% increase from the same period last year, with an EBITDA margin of 21.7%, up by 3 percentage points.

Helbor’s net revenue for the period reached R$295.9 million ($57.5 million), a 9.5% year-on-year increase.

This growth was driven by sales of ready-to-occupy and under-construction inventory, which made up 84.6% of total sales.

The company controlled costs effectively, aligning expenses with revenue growth. This resulted in a gross profit of R$92.3 million ($17.9 million) and a gross margin improvement of 31.2%.

Helbor’s net debt stood at R$1.126 billion ($218.4 million) at the end of Q1 2024, with a leverage ratio of 1.8 times adjusted EBITDA.

The company remains focused on selling inventory and delivering scheduled projects despite ongoing economic challenges.

Tupy Reports R$112 Million ($21.7 Million) Profit in Q1 2024

Tupy (TUPY3) reported a net profit of R$112 million ($21.7 million) for Q1 2024, a 23.1% decrease from Q1 2023.

The company faced a challenging operational environment characterized by reduced sales volumes and unfavorable exchange rates.

Tupy’s EBITDA for Q1 2024 was R$308 million ($59.8 million), a slight 2% decrease from Q1 2023, with an EBITDA margin improvement from 11.2% to 11.9%.

Efficiency gains and cost reductions drove this improvement. The company’s consolidated net revenue was R$2.6 billion ($504.9 million), a 7% decrease from Q1 2023.

This decline was mainly due to a 5% appreciation of the real against the dollar and a decline in physical sales volumes.

Tupy achieved R$121 million ($23.5 million) in operational cash generation, the highest for the first quarter in the company’s history.

The Structural Components and Manufacturing Contracts segment saw a 13.7% revenue increase domestically, while the Energy and Decarbonization segment experienced a 15% revenue decline.

The Distribution segment’s revenue dropped by 12.1%, affected by new warehouse management software implementation and decreased industrial construction volume.

Tupy’s management remains focused on cash generation and operational efficiency, aiming for improved results in the coming quarters despite the challenging economic environment.

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