Brazilian lubricants producer and distributor Moove saw profit fall in the fourth quarter of last year from the previous three months as sales fell faster than costs.Lube demand in many key global markets typically faces a seasonal slowdown in the final months of the year. Rising interest rates globally and concern about slower economic growth compounded the slowdown in demand..Americas November lube demand rises.Moove’s sales volume fell in the fourth quarter of the year, reflecting the slowdown in consumption.Revenue fell even faster.The dynamic mirrored a trend among many major blenders that sought to compensate for high costs and squeezed sales prices by increasing their sales volumes. Profit margins fell in response.Moove’s earnings before interest, taxes, depreciation and amortisation (EBITDA) came to 199.8mn Brazilian Real ($38.15mn) in the final three months of last year.Moove is part of Cosan Group..Profit fell from a record-high R245.4mn in the third quarter of the year.Profit fell as a 5.4pc fall in sales from the third quarter outpaced a 4.6pc drop in sales volume and a 0.7pc fall in costs.Profit rose by 82pc from R109.6mn during the fourth quarter of 2021.Profit rose from year-earlier levels on the back of an 84pc rise in sales volume and the consolidation in the results of US lubricants distributor and marketer PetroChoice and Brazilian lube blender Tirreno.Moove produces and distributes lubricants under the Mobil and Comma brands throughout South America and the US, as well as in Europe. It also imports and distributes base oils in the Brazilian market.Moove’s EBITDA margin of 7.9pc in the fourth quarter fell from 9.2pc during the previous three months. It was up from 6.8pc during the fourth quarter of 2021..ICONIC Brazil’s largest lube supplier in 2022
Brazilian lubricants producer and distributor Moove saw profit fall in the fourth quarter of last year from the previous three months as sales fell faster than costs.Lube demand in many key global markets typically faces a seasonal slowdown in the final months of the year. Rising interest rates globally and concern about slower economic growth compounded the slowdown in demand..Americas November lube demand rises.Moove’s sales volume fell in the fourth quarter of the year, reflecting the slowdown in consumption.Revenue fell even faster.The dynamic mirrored a trend among many major blenders that sought to compensate for high costs and squeezed sales prices by increasing their sales volumes. Profit margins fell in response.Moove’s earnings before interest, taxes, depreciation and amortisation (EBITDA) came to 199.8mn Brazilian Real ($38.15mn) in the final three months of last year.Moove is part of Cosan Group..Profit fell from a record-high R245.4mn in the third quarter of the year.Profit fell as a 5.4pc fall in sales from the third quarter outpaced a 4.6pc drop in sales volume and a 0.7pc fall in costs.Profit rose by 82pc from R109.6mn during the fourth quarter of 2021.Profit rose from year-earlier levels on the back of an 84pc rise in sales volume and the consolidation in the results of US lubricants distributor and marketer PetroChoice and Brazilian lube blender Tirreno.Moove produces and distributes lubricants under the Mobil and Comma brands throughout South America and the US, as well as in Europe. It also imports and distributes base oils in the Brazilian market.Moove’s EBITDA margin of 7.9pc in the fourth quarter fell from 9.2pc during the previous three months. It was up from 6.8pc during the fourth quarter of 2021..ICONIC Brazil’s largest lube supplier in 2022
