In the first quarter of 2024, Grupo Mateus (GMAT3) recorded a net profit of R$237.8 million, a slight increase of 0.5% compared to the same period of the previous year. During this period, revenue also grew significantly, reaching R$7.38 billion, which represents an increase of 25.8%.
Despite the increase in revenue, the final result was negatively affected by the increase in operating expenses, which rose 29.2% compared to the previous year, reaching R$1.14 billion.
Sales expenses increased by 33.9%, totaling R$1 billion, mainly due to the opening of 23 new stores in the last 12 months, termination expenses and growth in freight costs due to the opening of 4 new distribution centers. On the other hand, administrative expenses totaled R$98.3 million, representing an annual drop of 6.5%.
Mateus Group (GMAT3)
The financial result was negative at R$132.7 million, 82.4% worse than that recorded in the same period of the previous year, when it was negative at R$72.7 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached R$510 million in the first quarter, an annual increase of 24.1%. The EBITDA margin was 6.9%, a slight drop of 0.1 percentage point.
During the quarter, Grupo Mateus invested R$345.6 million in fixed assets, an increase of 47.5% compared to the same period of the previous year.
Operations
The group expanded its operations by opening three new stores in Pernambuco during the quarter. Recife received its fourth cash-and-carry store from the company, while in Paulista, in the metropolitan region of the capital, a cash-and-carry store and an appliance store were opened.
At the end of March, Mateus Group’s net debt was R$472.9 million, compared to R$489.3 million in the previous quarter, resulting in leverage of 0.3 times the net debt to adjusted EBITDA indicator.
The company
Grupo Mateus is a Brazilian company that operates mainly in the retail sector, focusing on supermarkets, wholesalers and appliance stores. Founded in 1986 in the state of Maranhão, Grupo Mateus expanded its presence over the years and became one of the largest retail chains in Brazil.
In addition to its retail operations, Grupo Mateus is also involved in other areas, such as distribution, the food industry and real estate. Its network of supermarkets and wholesalers offers a wide variety of products, including food, drinks, cleaning products, personal hygiene items, among others.
