AdvertisingLocaliza (RENT3) reported a 40.6% increase in net profit in the first quarter of 2024 compared to the same period in 2023, rising from R$ 521.6 million to R$ 733.5 million.
The adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) reached R$ 2.920 billion, with an annual increase of 11.3%.
Learn more:Check out the 1st quarter 2024 earnings calendar of the Brazilian Stock Exchange1st quarter earnings season gains momentum: which stocks and sectors to keep an eye on?Localiza (RENT3): resultsNet revenue totaled R$ 8.686 billion in the first quarter of 2024, a growth of 27.3% compared to the same period in 2023.
Net rental revenue also showed growth of 27.1%, with a 20.2% increase in the Car Rental division and a 35.4% increase in the Fleet Management division.
The revenue from Used Cars reached R$ 4.338 billion in the quarter, a 27.4% increase compared to the same period the previous year, driven by an increase in the volume and selling price of used cars.
As of March 31, 2024, the company’s net debt was R$ 30.118 billion. The financial leverage ratio, measured by net debt/adjusted Ebitda, stood at 2.78 times in March/24.