Moove Posts Decline for Fourth Quarter

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Moove Posts Decline for Fourth Quarter

Cosan’s Moove posted lower net income and sales volume amid an increase in revenue for the quarter ended Dec. 31 but reported big increases in income and revenue for the full year.

Moove, the lubricant production and distribution arm of São Paulo-based Cosan, said it had net income of 56.8 million Brazilian reals (U.S. $11.2 million) for the fourth quarter, a 2% slide from R57.8 million the previous year.

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Net revenue soared 23% year-on-year to R1.6 billion, while sales volume dropped 26% to 82 million liters.

For all of 2021, net income skyrocketed 96%, to R292.7 million from R149.3 million in 2020. Revenue increased by 38%, to R6.1 billion from R4.4 billion.

Sales volume, meanwhile, slipped by 2% on the year to 388.7 million liters.

“Moove kept its accelerated growth pace, delivering record results in the year, thanks to its effective pricing and supply strategy in Brazil and international operations, which already account for nearly half of its revenues,” Cosan CEO Luis Henrique Guimaraes said in the company’s financial release. 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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