CCR (CCRO3) almost triples its profits in the fourth quarter and proposes an additional dividend of R $ 536.2 million.

CCR (CCRO3) almost triples its profits in the fourth quarter and proposes an additional dividend of R $ 536.2 million.

SAO PAULO (Reuters) – CCR Group (CCRO3) posted adjusted net profit of 393.9 million Brazilian reais in the fourth quarter, nearly three times what was earned a year earlier, the mobility franchise company said on Thursday.

The operating result measured by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 20.1% in the period, to R$1.9 billion, with the group's margin increasing 4.5 percentage points to 55.3%.

Analysts, on average, expected a net profit of R$245 million for CCR in the fourth quarter and EBITDA of R$1.8 billion, according to LSEG data.

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“We ended 2023 with consistent growth in demand across the group’s three companies and with the largest investment in our history,” Miguel Setas, CEO of CCR, said in a press release.

Last year, CCR invested R$6.2 billion, double the amount for 2022. For 2024, the group plans to invest about R$8.6 billion.

The company cited a 7% increase in consolidated highway traffic in the fourth quarter from last year. An increase of 4.2% in the number of passengers in urban mobility and 10% in airports.

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“The good performance reflects the growth of the Brazilian economy in 2023, the ‘super harvest’ in agribusiness and the impact of the resumption of activities after the pandemic,” CCR said in the statement.

The company's financial leverage ended 2023 at 3 times, compared to 2.9 times either at the end of the third quarter or a year before, a scenario it classified as “under control.”

“Given the comfortable financial situation, the company proposes to pay an additional R$536.2 million in dividends,” which will be added to the R$316.2 million paid in October last year, for a total payment of more than R$850 million, he added. The issue will be presented for approval at the extraordinary general assembly scheduled to be held next April.

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