Car rental company Movida (MOVI3) reported adjusted net profit of R$61.7 million in the first quarter of 2024 (1Q24), reversing a loss of R$61.9 million reported in the same period last year. The company revealed it on Wednesday. .
Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$1,059 billion in the first quarter of 2024, an increase of 21% compared to the first quarter of 2023.
The EBITDA margin, taking into account rental income only, reached 68.3% between January and March, an increase of 4.6 percentage points compared to the margin in the first quarter of last year.
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MOVIDA (MOVI3): Results
Net revenues rose by 11.8% in the first three months of the year, reaching R$3.021 billion.
The company recorded an average daily rate of R$130 in the quarter, an increase of 3.4% year-on-year. In the quarter, the operating occupancy rate reached 80.2%, an increase of 1.8 percentage points from the rate recorded in the same quarter of 2023.
The fleet in March reached 110,091 units, an increase of 11.9% year-on-year.
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The net financial result was negative R$518.9 million in the first quarter of 2024, a decrease of 13.6%. The lower interest rate and adjustments in debt management contributed to this decline.
As of March 31, 2024, the company's net debt was R$12.6 billion, and the leverage index, measured by net debt/EBITDA, was 3.19 times as of March 2024.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.