Brazilian lubricants producer and distributor Moove saw profit rise to a record high in the second quarter of the year on the back of higher sales and efficiency gains.Profit before interest, taxes, depreciation, and amortization (EBITDA) rose to 232.1mn Brazilian Real ($45.8mn) in the three months to end-June, Cosan Group said in an earnings statement. Moove is part of Cosan Group.The record profit was up 56pc from year-earlier levels and by 34pc from the first three months of the year..Profit rose on the back of a 45pc rise in sales to R2.14bn in the second quarter.Higher sales got support from a 27pc rise in sales volume of base oils and lubricants to 128,800mᶟ (114,100t). The volume was the second highest on record.Sales volume got a boost from the strength of demand in the Americas markets.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.Its distribution business in the US got a boost in the second quarter following its $479mn acquisition of PetroChoice Lubrication Solutions. The company is a leading distributor and marketer of lubricants in the US.Lube demand in the US and Latin America held firm throughout the second quarter, especially compared with Europe and China..Americas May lube demand mixed.Other blenders saw a slowdown in Chinese sales counter the benefit of strong demand in the Americas market during the second quarter.Moove’s higher sales outpaced the 42pc rise in costs during the second quarter.Other global blenders also faced another quarter of surging costs as base oil prices rose in response to rising crude prices and tight supply. For many of them, the rise in costs outpaced their higher sales.With sales rising faster than costs, Moove’s EBITDA margin rose to 10.85pc in the second quarter. The margin rose from 10.07pc during the same period a year earlier and from 10.46pc during the first three months of the year to the highest since early 2021..Brazil’s Moove sees Q1 lube profit fall
Brazilian lubricants producer and distributor Moove saw profit rise to a record high in the second quarter of the year on the back of higher sales and efficiency gains.Profit before interest, taxes, depreciation, and amortization (EBITDA) rose to 232.1mn Brazilian Real ($45.8mn) in the three months to end-June, Cosan Group said in an earnings statement. Moove is part of Cosan Group.The record profit was up 56pc from year-earlier levels and by 34pc from the first three months of the year..Profit rose on the back of a 45pc rise in sales to R2.14bn in the second quarter.Higher sales got support from a 27pc rise in sales volume of base oils and lubricants to 128,800mᶟ (114,100t). The volume was the second highest on record.Sales volume got a boost from the strength of demand in the Americas markets.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.Its distribution business in the US got a boost in the second quarter following its $479mn acquisition of PetroChoice Lubrication Solutions. The company is a leading distributor and marketer of lubricants in the US.Lube demand in the US and Latin America held firm throughout the second quarter, especially compared with Europe and China..Americas May lube demand mixed.Other blenders saw a slowdown in Chinese sales counter the benefit of strong demand in the Americas market during the second quarter.Moove’s higher sales outpaced the 42pc rise in costs during the second quarter.Other global blenders also faced another quarter of surging costs as base oil prices rose in response to rising crude prices and tight supply. For many of them, the rise in costs outpaced their higher sales.With sales rising faster than costs, Moove’s EBITDA margin rose to 10.85pc in the second quarter. The margin rose from 10.07pc during the same period a year earlier and from 10.46pc during the first three months of the year to the highest since early 2021..Brazil’s Moove sees Q1 lube profit fall
