Movida Achieves Profitable Q1 While Dexxos and Qualicorp Navigate Challenges

Movida (MOVI3) reversed a prior loss, reporting a Q1 2024 net profit of R$ 61.7 million ($12.09 million).

Additionally, their EBITDA soared to R$ 1.059 billion ($207.65 million), reflecting a 21% year-on-year increase.

The company’s adjusted EBITDA margin for rental revenues peaked at 68.3% in the first quarter.

Consequently, net revenue surged by 11.8%, totaling R$ 3.021 billion ($592.16 million).

Movida also noted a 3.4% increase in the average daily rate to R$ 130 ($25.49).

Simultaneously, their operational occupancy rate improved to 80.2%, up 1.8 percentage points from last year.

By March 2024, Movida’s fleet had expanded to 110,091 units, a robust 11.9% increase.

However, their net financial result showed a negative R$ 518.9 million ($101.75 million), a 13.6% improvement.

As of the end of March, Movida’s net debt was substantial at R$ 12.6 billion ($2.47 billion).

Their financial leverage ratio now stands at 3.19x, indicating enhanced financial stability and reflecting the company’s strategic improvements.

Dexxos (DEXP3) Reports 75% Drop in Recurring Profit for Q1 2024

Dexxos (DEXP3) experienced a steep 75.32% decline in recurring profit for Q1 2024, totaling R$ 27 million ($5.29 million).

Moreover, their recurring pro forma net result included a loss of R$ 3.7 million ($0.73 million), contrasting sharply with the previous year’s profit.

The company’s EBITDA rose by 25.8% to R$ 441.7 million ($86.61 million). Additionally, the EBITDA margin improved to 22.8%, up 2.3 percentage points from last year.

Annually, Dexxos’ net revenue grew by 13.1%, driven by strong performances across all divisions.

Particularly, the Wood division excelled in panels and forestry, marking significant success.

Despite rising sales expenses by 19.9%, general and administrative costs decreased by 12.8%.

However, Dexxos remains cautious amid ongoing high inventory levels and economic uncertainties, focusing on profitability and strategic cost management.

Qualicorp Reports Decrease in Adjusted Profit for First Quarter of 2024

Qualicorp (QUAL3) announced a decreased adjusted net profit of R$18.9 million ($3.71 million) for Q1 2024, a 4.4% year-on-year drop.

Their adjusted EBITDA declined by 10.3% to R$188.6 million ($36.98 million).

Nonetheless, the adjusted EBITDA margin slightly improved to 46.7%, up by 0.7 percentage points.

During this quarter, Qualicorp faced a net loss in clients, leading to a reduced portfolio of 753.4 thousand lives, a 4.3% decrease from the previous quarter.

Their churn rate improved to 10.3%, reflecting better client retention.

Despite a smaller client base, an increase in the average ticket size mitigated revenue losses, resulting in R$403.7 million ($79.16 million).

As of March, their total portfolio numbered 2.1 million lives, slightly reduced by strategic portfolio adjustments.

The company’s net financial performance showed a lesser loss of R$43.8 million ($8.59 million), a notable improvement.

By the end of March, Qualicorp’s net debt had reduced to R$1.148 billion ($225.10 million), enhancing their financial leverage ratio to 1.53 times, a sign of growing financial stability.

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