Qualicorp (QUAL3) has a drop of 4.4% in adjusted profit in the 1st quarter, to R$ 18.9 million

Qualicorp (QUAL3) reported adjusted net profit of R$18.9 million in the first quarter of 2023 (1Q24), a reduction of 4.4% compared to the same period in 2023, the company reported this Wednesday (8) .

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) totaled R$188.6 million in 1Q24, a decrease of 10.3% compared to 1Q23.

The adjusted Ebitda margin reached 46.7% between January and March this year, an increase of 0.7 pp compared to the margin recorded in 1Q23.

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Qualicorp (QUAL3): results

In the first quarter, gross additions totaled 49.6 thousand, an amount lower than cancellations, of 83.7 thousand, resulting in a managed portfolio of 753.4 thousand lives, 4.3% lower compared to 4Q23. The average base churn rate reduced 1.9 pp to 10.3% in the period.

The increase in the average ticket partially offset the drop in the lives base, which culminated in net revenue of R$403.7 million in the first quarter of this year, a drop of 11.7% compared to the same stage in 2023.

Quali ended 1Q24 with a total portfolio of 2.1 million lives, which was 2.1% lower than in the previous quarter, mainly due to the 4.9% decrease compared to 4Q23 in the Adhesion portfolio, which was only partially offset for a growth of 1.0% vs. 4Q23 in other segments (Business, Range and SME).

The net financial result was negative at R$43.8 million in the first quarter of 2024, a 34.5% decrease compared to the financial losses in the same stage of 2023.

On March 31, 2024, the company’s net debt was R$1.148 billion, a 19% decrease compared to the same stage in 2023.

The financial leverage indicator, measured by net debt/adjusted EBITDA, was 1.53 times in March/24, a drop of 0.06 pp compared to the same period in 2023.