Moove Posts Higher Profits

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Moove Posts Higher Profits

Cosan’s Moove reported increases in profit and revenue and a decrease in sales volume for the quarter ending Sept. 30, compared to last year’s results from the same period.

Moove, the lubricant production and distribution arm of Sao Paulo-based Cosan, posted net income of 82.7 million Brazilian reals (U.S. $15 million), up 19% from R69.7 million the year prior.

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Net revenue increased 23% to R1.6 billion.

Sales volume decreased 26%, to 95.2 million liters from (85,611 metric tons).  Sales in the third quarter of 2020 “represent a strong comparison basis once it captured additional demand from the initial lockdown period,” the company said in its Nov. 12 earnings release.

“Moove met expectations and presented another solid quarter in terms of results, supported by the resumption of demand and the right supply and commercialization strategy,” Cosan CEO Luis Henrique Guimaraes said. Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.

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