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São Paulo Developer Eztec Reports Record Revenue
(MENAFN- The Rio Times) In the third quarter of 2024, Eztec, a prominent São Paulo-based real estate developer, reported a remarkable surge in profits. The company's net income reached R$ 132.6 million ($23.3 million), a staggering 239% increase from the same period in 2023.
This impressive growth stems from various factors. Eztec's net revenue hit a record R$ 478.8 million ($84 million), up 90.2% year-over-year.
The boost came from increased sales volume and construction progress. The company's EBIT also saw a significant rise, reaching R$ 123.2 million ($21.6 million).
Eztec managed to reduce its operating expenses by 21.3% to R$ 39.5 million ($6.9 million). Commercial expenses dropped 11.6% due to lower spending on showrooms and advertising.
Administrative expenses, however, increased slightly by 2.6%. The company's equity income, which reflects results from joint ventures, generated R$ 29.4 million ($5.2 million) in revenue, a 106% increase.
Financial results improved significantly, with revenue of R$ 36.9 million ($6.5 million), up 169.4% year-over-year.
Eztec's Financial Performance
Eztec's gross margin improved to 34.0%, while the net margin jumped to 27.7%. These improvements reflect increased revenues and reduced expenses.
The company also benefited from higher prices for new sales at its Lindenberg Ibirapuera residential project. Despite these positive results, Eztec reported a cash burn of R$ 57.8 million ($10.1 million) in the quarter.
Net debt rose to R$ 180.5 million ($31.7 million) at the end of September, up from R$ 18.5 million ($3.2 million) a year earlier.
The company significantly expanded its launches and sales in the third quarter. Eztec launched two projects valued at R$ 694.1 million ($121.8 million), an eightfold increase from the same period in 2023.
Net sales reached R$501 million ($87.9 million), up 79.9% year-over-year. These results demonstrate Eztec's ability to navigate Brazil's complex real estate market.
The company's success highlights the potential for growth in the sector, even amidst economic challenges. As Eztec continues to adapt and expand, it sets an example for other players in the industry.
This impressive growth stems from various factors. Eztec's net revenue hit a record R$ 478.8 million ($84 million), up 90.2% year-over-year.
The boost came from increased sales volume and construction progress. The company's EBIT also saw a significant rise, reaching R$ 123.2 million ($21.6 million).
Eztec managed to reduce its operating expenses by 21.3% to R$ 39.5 million ($6.9 million). Commercial expenses dropped 11.6% due to lower spending on showrooms and advertising.
Administrative expenses, however, increased slightly by 2.6%. The company's equity income, which reflects results from joint ventures, generated R$ 29.4 million ($5.2 million) in revenue, a 106% increase.
Financial results improved significantly, with revenue of R$ 36.9 million ($6.5 million), up 169.4% year-over-year.
Eztec's Financial Performance
Eztec's gross margin improved to 34.0%, while the net margin jumped to 27.7%. These improvements reflect increased revenues and reduced expenses.
The company also benefited from higher prices for new sales at its Lindenberg Ibirapuera residential project. Despite these positive results, Eztec reported a cash burn of R$ 57.8 million ($10.1 million) in the quarter.
Net debt rose to R$ 180.5 million ($31.7 million) at the end of September, up from R$ 18.5 million ($3.2 million) a year earlier.
The company significantly expanded its launches and sales in the third quarter. Eztec launched two projects valued at R$ 694.1 million ($121.8 million), an eightfold increase from the same period in 2023.
Net sales reached R$501 million ($87.9 million), up 79.9% year-over-year. These results demonstrate Eztec's ability to navigate Brazil's complex real estate market.
The company's success highlights the potential for growth in the sector, even amidst economic challenges. As Eztec continues to adapt and expand, it sets an example for other players in the industry.
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