Cielo (CIEL3) reported recurring net profit of R$503.1 million in the 1st quarter of 2024 (1Q24), an amount 14% higher than that recorded in the same period in 2023 (1Q23).
According to the report, performance was driven by improved financial results, normalized costs and greater tax efficiency.
Recurring earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$746.7 million in 1Q24, a reduction of 24.9% compared to 1Q23, mainly related to expenses with the advancement of company transformation program and expansion of commercial strength.
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The adjusted EBITDA margin, in turn, reached 29.1% in 1Q24, an annual drop of 9.6 pp.
Net revenue totaled R$2.563 billion in the 1st quarter of this year, a decrease of 0.3% compared to the same stage in 2023.
The financial result was positive at R$37.5 million, reversing the financial losses of R$70.6 million from a year earlier.
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Total expenses increased by 11.4% on an annual basis, reflecting investments in commercial expansion and the PraCimaCielo transformation program.
Cielo Brasil’s normalized costs reduced by 15.1% year-on-year, reflecting operational efficiencies that led to lower costs linked to capture and technology terminals.
On March 31, Cielo recorded a cash and cash equivalents balance of R$1.260 billion, a drop of R$1.090 billion compared to March 31, 2023 and a decrease of R$173.9 million compared to March 31, 2023. December 2023.
Tags: Cielo CIEL3 profits R503 .1 million #1st quarter annual increase