Cosan results for E of Economics on the first quarter of 2021
It’s been over a year since the Covid-19 pandemic began and the number of cases and losses remain staggering. Although positive signs of global recovery are now more evident as vaccination evolves, in Brazil the crisis worsening during first quarter of 2021 and new restrictions imposed additional challenges to the economy.
The results for the first quarter (January, February, March) of 2021 (1Q21)¹ were released on May 14th, and despite the scenario, we posted another quarter of consistent results. Cosan provided Pro forma Adjusted EBITDA of R$2.6 billion (+8%) and adjusted net income of R$765 million (+18%), driven by the expansion of the results of most businesses:
- Raízen delivered great results in Renewables & Sugar in 20/21 crop year, ended in March 2021, on the back of productivity and efficiency gains, and maximizing the portfolio profitability through the assertiveness of our marketing, pricing, and hedging strategy. We are capturing more value across the sugar value chain and our renewable products are increasingly valued by the market.
- Marketing & Services posted strong volumes in Brazil and Argentina despite the pandemic, which combined with gains arising from supply and commercialization strategy, caused EBITDA to expand quite significantly.
- Even though social distancing has affected natural gas consumption for some customers, Compass continues to present robust figures.
- Moove registered relevant growth in volume, mainly in Brazil, posting another record quarterly results.
- And Rumo², keeps improving performance on the back of increasing capacity and good crops in Brazil, capturing value with a more effective commercial approach. Highlight for the start of Central Network operations in the quarter, enabled by the investments made in the company’s business plan.
Click here to read the full release with the highlights for each company.
¹ The comparisons made on the report consider the 1Q21 and 1Q20, except when otherwise indicated.
² From this quarter on, our numbers reflect the new corporate structure, including Rumo’s financials, in addition to the operational and financial expenses of the merged holdings.