The company released to the market the financial results for the 2nd quarter of the 2023/2024 harvest year (2Q24)
São Paulo, November 2023 – JpilonSA, one of the largest sugar-energy companies in Brazil, released to the market on November 9th the financial results for the 2nd quarter of the 2023/2024 harvest year (2Q24). Among the highlights of the period, the Company recorded a cash profit of R$400.2 million.
In the second quarter of the current harvest, Adjusted EBITDA totaled R$654.9 million (-16.9%), with an Adjusted EBITDA margin of 42.6%, and R$1,212.2 million in 6M24 (-27.1% ), with a margin of 41.9%. The performance of the indicator, in the quarter and accumulated, results from lower prices and volumes of ethanol sold, partially offset by higher prices and volumes of sugar.
Adjusted EBIT totaled R$297.9 million (-29.1%), with a margin of 19.4%. In the first half of the 2023/2024 harvest, the indicator totaled R$513.5 million (-41.9%). Net Profit was R$418.1 million (+96.7%), representing a margin of 27.2% in 2Q24 and R$638.4 million (+47.0%) in the first 6 months of the harvest . The Leverage Ratio is equivalent to 1.51x Net Debt/Adjusted EBITDA on September 30, 2023.
On the same date, sugar price fixes for the 23/24 harvest totaled ~547 thousand tons (~73% of own cane), at a price of ~R$2,676/ton. For the 24/25 harvest, around 267 thousand tons of sugar were fixed at ~R$2,762/ton. And in the period, the Company also recorded the receipt of Precatório from Copersucar, in the net amount of taxes of R$502.8 million, contributing R$331.6 million to net profit in the period.
Operational Highlights
In the first 6 months of the 23/24 harvest, the Company processed approximately 17.5 million tons of sugar cane, an increase of 4.6% compared to 6M23, reflecting the improvement in productivity in the period (TCH presented growth of 18.7% compared to 6M23). It is worth highlighting that the productivity recovery is observed due to three factors: i) the normalization of weather conditions between October 2023 and September 2024; ii) differentiated agricultural management and use of genetic varieties with greater productivity; and iii) investments, mainly in cultural treatments, made in previous harvests.
As JpilonSA reported in the release of 1Q24 results, in April 2023, the Company began selling ethanol from corn processing at the Boa Vista unit (UBV), in Goiás. The new plant, still in the adjustment phase operational, processed 213 thousand tons of corn in the first half of 23/24.
In 6M24, around 1,129.8 thousand tons of sugar were produced (+12.3% vs. 6M23) and 801.3 thousand cubic meters of ethanol (+6.7% vs. 6M23), reflecting the better productivity of the material -raw and the highest sugar mix in the period. Corn processing contributed 82 thousand cubic meters of this ethanol and an additional 54.7 thousand tons of DDGS.
