Q2 2024 Earnings: Casas Bahia Profit Surge, Energisa Stays Steady, Minerva Faces Decline

In the second quarter of 2024, Casas Bahia (BHIA3) demonstrated a remarkable financial recovery, reporting a profit of R$37 million ($6.61 million), reversing the previous year’s significant loss.

Energisa (ENGI11) maintained stable performance with a slight profit decline to R$655 million ($116.96 million) and announced substantial dividends.

Meanwhile, Minerva (BEEF3) faced a challenging quarter with a 21% decrease in net profit to R$95.4 million ($17.04 million), impacted by adverse currency fluctuations.

These varied financial outcomes highlight the diverse strategies and market conditions faced by each of these prominent Brazilian companies.

Casas Bahia Achieves R$37 Million Profit in Q2 2024

Casas Bahia (BHIA3) reported a net profit of R$37 million ($6.61 million) in the second quarter of 2024, reversing a R$492 million ($87.86 million) loss from the same period in 2023.

This turnaround follows a year into its restructuring plan. The company’s adjusted EBITDA dropped by 3.5% year-over-year to R$452 million ($80.71 million). However, the adjusted EBITDA margin improved by 0.7 percentage points to 7%.

CEO Renato Franklin anticipates modest growth moving forward. The company reduced its inventory levels to 82 days from 97 days in Q2 2023.

It also successfully transitioned 23 product subcategories to its marketplace platform, increasing its gross merchandise volume by 5.1%.

Energisa Reports Slight Profit Decline to R$655 Million in Q2 2024, Announces Dividends

Energisa (ENGI11) announced a net profit of R$655 million ($116.96 million) for Q2 2024, a marginal decrease of 0.3% from R$656.7 million ($117.20 million) in the previous year.

The company’s EBITDA was stable at R$1.775 billion ($316.96 million). Adjusted recurring EBITDA rose by 13.2% to R$1.658 billion ($295.71 million).

Total operational revenue, excluding construction revenue, increased by 14.3% year-over-year to R$6.038 billion ($1.07 billion).

Energisa plans to distribute R$457 million ($81.61 million) in dividends on August 28, 2024. The company’s net debt rose by 5.4% year-over-year to R$23.447 billion ($4.19 billion).

Minerva Reports a 21% Decline in Net Profit to R$95.4 Million in Q2 2024

Minerva (BEEF3) closed Q2 2024 with a net profit of R$95.4 million ($17.04 million), down 21% from Q2 2023, largely due to currency fluctuations impacting its debt.

In addition, the company’s EBITDA increased by 4.7% to R$744.6 million ($132.96 million). Net revenue rose by 5.4% to R$7.66 billion ($1.37 billion).

International sales contributed R$5.01 billion ($894.64 million) to the revenue, a decrease of 1.9% year-over-year.

Domestic sales, however, saw an 18.9% increase to R$3.15 billion ($562.50 million). Total cattle slaughter for the quarter reached 1.099 million heads, up 7.7%.

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