Itaúsa posted 123% higher profit in the first quarter

In net worth, the profit of 2.2 billion riyals was 118% higher than the previous year (Image: Italy)

Profit from Itisa (ITSA4More than doubled in the first quarter, with the acquisition benefiting from the performance of its main assets, and Itaú Unibanco (ITUB4).

The company, which also owns stakes in Alpargatas, Duratex, Copagaz and NTS, announced on Monday that its recurring earnings from January to March were OMR 2.4 billion, an increase of 123% over the same period in 2020.

In net worth, the profit of 2.2 billion riyals was 118% higher than the previous year.

Last week, Itaú Unibanco reported recurring earnings of 6.4 billion riyals for the first quarter, higher than analysts’ estimates and 63.6% higher for the year, mainly due to a 59% drop in bad debt provisions.

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Itai accounted for 89% of Itaisa’s score for the quarter. This proportion tends to fall further, as Italy has been buying stakes in non-financial companies.

Last month, it bought 8.5% of the sanitation company Aegean Sea For 1.3 billion riyals.

A few days later, Aegea paid R $ 15.4 billion and won the bid to buy lots 1 and 4 of Cedae in Rio de Janeiro, at an auction in B3.

And with the Canadian firm Brookfield, it bought from Petrobras (PETR4) An additional 10% stake in the pipeline company Nova Transportadora do Sudeste (NTS) for R $ 1.8 billion.