Today we will comment on Movida’s results for the first quarter of 2022, when the rental company had record revenue.
Check below the comment by Rafael Bevilacqua, chief strategist and founding partner of the analysis house Levante Ideias de Investimento, on the subject. Every day, Bevilacqua brings you news and reviews of publicly traded companies for you to make the best investment decisions. This content is accessible to subscribers to UOL. O UOL has an exclusive area for those who want to invest their money safely and profit more than just savings. Meet!
Movida has record revenue in the first quarter
The car rental company Movida (MOVI3) released its results for the first quarter of 2022 last Saturday (30), with expressive numbers and strong growth compared to the same period of the previous year.
Net revenue was R$2 billion in the period, an increase of 144% compared to the first quarter of 2021, setting a new record for the company. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to R$863 million, an increase of 183% in the annual comparison.
In the Rent a Car (RAC) segment, the company reached the mark of 5.2 million daily rentals in the quarter. The segment’s net revenue grew 60% compared to the first quarter of 2021, totaling R$594 million.
With the increase in the fleet, the company managed to reduce the occupancy rate, closing the period at around 76%. According to the rental company, working with occupancy rates above 80% jeopardizes the offer of cars to consumers and the company’s management of cars between stores.
Even with the rise in vehicle prices, Movida continues to expand and renew its fleet, benefiting from the appreciation of vehicles in the used car market. The company sold 15,000 vehicles in the quarter, generating revenue of R$918 million from the sale of used vehicles in the period.
The rental company had a net profit of R$ 258.1 million in the first quarter of this year, an increase of more than 137% compared to the same period of the previous year.
On Monday (2), Movida’s shares closed down by 6.72%, quoted at R$ 16.93. The drop, however, has more to do with the bad mood that took over the Brazilian market than with the results released by the company.
