Cosan (CSAN3) reported a net profit of R$2.36 billion in 4Q23, almost four times more than the R$806 million in the same period in 2022.
The significant increase is attributed to the reversal of the effects of the subsidy, dividends and interest on equity received from Vale, in addition to the appreciation of the company’s own shares (through Total Return Swap – TRS) and Vale. Cosan has a relevant stake in the mining company.
In 2023, net profit was R$1.094 billion, representing a 7% drop compared to R$1.17 billion in 2022.
Cosan (CSAN3)
Cosan’s net revenue in the fourth quarter was R$9.57 billion, a 10% drop compared to R$10.6 billion in the previous year. For the full year 2023, net revenue was R$39.4 billion, remaining stable in relation to the previous year.
In the fourth quarter, financial expenses were R$511 million, a reduction of 61% compared to R$1.31 billion in the same period in 2022. In 2023, financial expenses totaled R$7.89 billion, a increase of 53% compared to 2022.
Cosan’s adjusted EBITDA in the fourth quarter of 2023 reached R$4.85 billion, an increase of 21% compared to R$3.99 billion in the previous year.
Audit
In a relevant statement released last Monday (25), Cosan announced that “exceptionally, the audit of Cosan’s 2023 financial statements will not be completed within the legal deadline”. The company explained that the delay is due to the change of auditing company, from Ernst Young (EY) to BDO, which began work in January this year, and to “the number of companies that need to be audited within the scope of Cosan, including investments located abroad”.
To keep investors informed, Cosan released unaudited financial information on Wednesday and will hold a public conference call on Thursday (28). The company emphasized that “to date, there is no audit indication that suggests material changes to this financial information”. Furthermore, the publication date of the 2023 financial statements “will be updated in the coming weeks.”
The company
Cosan is one of the largest Brazilian companies operating in the energy and infrastructure sectors. Founded in 1936, initially as a fuel distributor, the company expanded its operations over the years, diversifying into other areas, such as the production of sugar, ethanol, natural gas and lubricants, as well as investments in logistics and infrastructure.
