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Brazil's Vibra quarterly net profit jumps 483% with effect from taxes gains
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Brazil's Vibra quarterly net profit jumps 483% with effect from taxes gains
Mar 4, 2024 10:41 PM

SAO PAULO, March 4 (Reuters) - Brazilian fueldistributor Vibra posted on Monday a 483% jump in itsfourth-quarter net profit from a year earlier, as a one-off taxrecovery boosted its results, though sales volume and revenuefell.

Vibra, which operates a chain of gas stations while alsosells fuel directly to companies, reported a 3.3 billion reais($667.23 million) net profit.

The firm said it recognized in its fourth quarter anextraordinary tax recovery of 2.6 billion reais, related to a2022 law ruling where to pay fuel taxes.

It added it had other taxes recoveries totaling about748 million reais linked to PIS/Cofins taxes.

The taxes one-offs offset a 3.1% year-on-year decreaseon its quarterly adjusted net revenue, to 43.8 billion reais,with fuel volumes sold falling 8.7%, driven by lower sales ofproducts including diesel, gasoline and jet fuel.

The company, which has been struggling with a larger volumeof imported products in Brazil, specially diesel from Russia,posted adjusted earnings before interest, taxes, depreciationand amortization (EBITDA), and excluding the extraordinary taxrecovery, of 2.33 billion reais, rising 54.5%.($1 = 4.9458 reais)

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