Movida (MOVI3) emerges from a loss and profit of R$61.7 million in the first quarter

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.

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.