Q2 2024 Earnings: Taesa Triumphs, Porto Struggles, Direcional Soars

Today, three prominent Brazilian firms—Taesa, Porto, and Direcional—reported contrasting financial outcomes.

Taesa, an energy company, celebrated a significant rise in IFRS profits. It announced substantial dividends, indicative of its robust financial health.

Conversely, Porto, an insurance giant, faced a decline in profits due to losses from natural disasters and bond rollovers. However, Porto still reported growth in total revenues.

On the other hand, Direcional, a real estate developer, hit record highs in sales. This marked a period of unprecedented growth and profitability.

Together, these results provide a snapshot of varied performance across different sectors in Brazil’s economy during the quarter.

Taesa’s Q2 2024 IFRS Profit Up 81.9%, Declares R$223M Dividends

Taesa (TAEE11) concluded the second quarter of 2024 with a notable increase in IFRS net profit.

It recorded R$403.1 million ($73.3 Million)—an 81.9% jump compared to the same period last year.

Its regulatory net profit also rose by 22.9% to R$294 million ($53.4 million). From January to June, Taesa’s IFRS net profit climbed 28.6% year-over-year to R$777.8 million ($141.4 million).

Its six-month regulatory profit reached R$483.5 million ($88 million). The company’s EBITDA under IFRS rules reached R$520 million ($94.5 million).

This was up 31.0% from the previous year, although regulatory EBITDA dropped by 7.8% to R$485.2 million ($88.2 million).

Porto’s Profit Declines to R$584M in Q2 2024

Porto (PSSA3) reported a Q2 2024 net profit of R$584 million ($106 million). This marked a 13.6% decrease from the previous year.

The company faced R$106.6 million ($19.4 million) in losses from natural disasters and bond rollovers.

The results were in line with market expectations. Porto’s return on average equity (ROAE) was 18.5%.

The company saw total revenues reach R$9 billion ($1.6 billion), up 13.6% year-over-year.

This growth was driven by an increase in the customer base to 17.7 million. Insurance sector revenues grew modestly.

Significant gains were seen in Porto Health and Porto Bank, reflecting a strong quarter despite some challenges.

Direcional Hits Record Highs with 68% Growth in Sales for Q2 2024

Direcional (DIRR3) showcased exceptional performance in Q2 2024. It achieved a 68% increase in net sales, reaching R$1.6 billion ($291 million).

This marked a historic quarterly high. Total launches grew by 52% from the previous quarter.

The company achieved a sales volume of R$1.4 billion ($254.5 million) across 16 projects.

Direcional reported a net revenue of R$844 million ($153.45 million) for the quarter, up 39.4%

year-over-year. Adjusted EBITDA rose by 56.8% to R$206.9 million ($37.6 million). The operational net profit stood at R$135 million ($24.5 million), up 82% from the previous year.

Direcional also announced dividends totaling R$277 million ($50.3 million), emphasizing its strong financial health and shareholder return strategy.

Q2 2024 Earnings: Taesa Triumphs, Porto Struggles, Direcional Soars

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