According to Positivo, the result reflects the expansion of the company’s business, primarily due to greater diversification and a better mix between businesses.
Felipe Moreira
Positivo Tecnologia production line in Manaus (Image: Disclosure)
Positivo (POSI3) reported adjusted net income of R$136.9 million in the fourth quarter of 2022 (Q4-22), an increase of 227.1% over the same period in 2021, the company reported on Tuesday (21).
According to Positivo, the result reflects expansion of the company’s business, primarily due to greater diversification and better business mix, with less reliance on consumption and greater exposure to corporate sales and more complex projects.
Total adjusted earnings before interest, tax, depreciation, and amortization (Ebitda) was R$ 241.5 million in Q4 2022, an increase of 161.8% compared to Q4 2011.
Ebitda’s adjusted margin was 19.1% between October and December, up 10.5 percentage points (pp) compared to the margin reported in the fourth quarter of 21.
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Total net revenues amounted to R$ 1.266 billion in the last quarter of this year, a growth of 17.9% compared to the same stage in 2021.
Return on invested capital (ROIC) was 30.8% in the fourth quarter of 2021, up 9.4 percentage points from the same period in 2021.
The net financial result was negative R$89.9 million in the fourth quarter of 2022, an increase of 130.4% over the financial losses for the same phase in 2021.
Gross profit reached R$ 441.2 million in the fourth quarter of 2022, an increase of 109.7% compared to the same stage in 2021. The gross profit margin reached 34.8% in the fourth quarter of 2022, an increase of 15.3 percentage points compared to the quarter’s margin The fourth of 21.
General and administrative expenses amounted to R$59 million in the fourth quarter of 2021, an increase of 15.4% compared to the same period in 2021.
On December 31, 2022, the company’s net debt amounted to R$ 1.105 billion, an increase of 104.8% compared to the same stage in 2021.
The Leverage Index, measured in Net Debt/Adjusted Ebitda, was 1.6x in Dec/22, and has remained practically stable with respect to the same period in 2021.
expectations
Positivo forecasts total revenue for 2023 between R$5.5 billion and R$6.5 billion.
The company said the pipeline for future procurement by public institutions remains hot, reaching R$5.7 billion in January 2023.
The backlog (order book) of contracted sales, added to the forecast of contracting by public institutions, has already reached more than R$ 1.2 billion for 2023 with some important projects for the Ministry of Economy, Brodes, Cissé, among others.
The Public Notice of Electronic Voting Machines That Won in 2021 (UE2021), referring to the 2024 election, for R$1.2 billion, will be partially billed in the second half of 2023.
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