Cielo's profit doubled in the third quarter

The result benefited from a growth in volumes captured and an expansion in receivables expectation (Image: Cielo/Youtube)

a a company Payments sky (CIEL3) saw its earnings more than double in the third quarter, benefiting from revenue growth in its most profitable segments, which increased at a much faster rate than total expenses.

controlled company Bradesco (BBDC4) NS Bank of Brazil (BBAS3), on Wednesday reported a net profit of OMR211.9 million from July to September, an increase of 111.1% over the previous year.

“The outcome benefited from the growth in volumes reported and expansion in receivables expectation,” Cielo said in the results report.

In addition, the result of the Cateno division of Banco do Brasil credit cards grew by 128%, benefiting from the reimbursement of expenses related to the arrangement of Ourocard payments.

The volume of payments that Cielo handled in the quarter grew 8.5% year-on-year, boosting net revenue, which grew 4.4%, to 3 billion riyals.

In contrast, total expenditures decreased by 3.9% to 2.6 billion riyals.

With this, the profit-running result is measured by taxesAnd ExpensesTotal depreciation and amortization (Ebitda) amounted to 692.8 million riyals, an increase of 44.3%, with Ebitda’s margin increasing by 6.4 percentage points, to 23%.