FriGol records net profit of R$13.1 million in the third quarter
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$49.4 million, up 2.4% year-on-year and reaching a margin of 5.5%. Net income in the period was R$13.1 million, in line with the same period of the previous year.
In the last 12 months, net revenue was R$3.3 billion, up 13.4% compared to the same period last year. Accumulated EBITDA was R$189.8 million, up 136%, and net income for the last 12 months was R$31 million, compared to break-even in the same period last year.
"We had good results this quarter both in the domestic and foreign markets, as a result of a very strong domestic market and growth in sales of value-added products and, in the foreign market, the development of customized strategies for key customers, diversification and access to more profitable markets. Brazil continues to be the purchasing option for the world", explains Eduardo Miron, CEO of FriGol.
During the period, sales in the domestic market represented 46% of total revenue, while sales in the foreign market accounted for 54%.
The highlight was sales to other destinations, which jumped to 11% in the quarter, compared to 3% in the same period in 2023. As a result of the expansion of its presence in other international markets, the company made its first shipments to the Philippines in the third quarter, joining Indonesia and Singapore, countries to which the company already exports in the Association of Southeast Asian Nations (ASEAN) bloc, a region considered promising. This year, FriGol also focused on growing sales to North America, with several shipments to Canada.
On the other hand, 74% of export revenues came from China, compared to 86% recorded in the same period in 2023. Israel was responsible for 12% of sales, compared to 8% in the annual comparison. In turn, for Hong Kong there was stability at 3%.
Still on the financial results, leverage fell to 1.2x Net Debt/EBITDA, compared to 1.3x in the second quarter of this year, reflecting strong financial discipline. The FCO (Operating Cash Flow) was R$39 million, reflecting a conversion of 78% of EBITDA and showing a significant improvement in relation to the previous year, which was 17%.
"The quarter’s results once again corroborate our work on governance and operational efficiency and we will continue working towards an increasingly robust capital structure", highlights Eduardo Masson, CFO of FriGol.
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