Ambev recorded consolidated net profit of R$3.804 billion in the first quarter of 2024, an amount 0.04% lower than that recorded a year earlier. The company also reported adjusted net profit of R$3.817 billion, a slight drop of 0.6% compared to the same period in 2023.
The drop occurred “mainly due to the lower tax deductibility of JCP and government subsidies related to sales taxes in Brazil and the impact of the exchange rate devaluation in Argentina, more than offsetting the improvement in the net financial result and the growth in adjusted EBITDA”.
Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) was R$6.534 billion, an increase of 1.4% compared to the first quarter of 2023 and 12.4% in the organic concept.
According to Ambev, growth in adjusted EBITDA was driven by Central America and the Caribbean (CAC, +20.4%), Non-Alcoholic Beverages Brazil (NAB Brasil, +17.7%), Beer Brazil (+13.6%) and Latin America South (LAS, +8.3%), but partially offset by Canada (-0.7%).
Net revenue totaled R$20.276 billion, a drop of 1.2% in one year, but an increase of 4.5% in the organic concept. In the latter, performance rose due to the growth in net revenue per hectoliter (NOR/HL) of 4.3% in most business units: NAB Brasil (+14.0%), CAC (+8.3%) , Cerveja Brasil (+4.5%) and LAS2 (+3.5%), while in Canada it decreased by 5.7%, impacted by the drop in volume.
The net financial result in the first three months of this year was negative at R$405.9 million, showing an improvement of R$591.9 million compared to the same period in 2023.
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