Moove, Cosan’s lubricants arm, reported increases in profit, revenue and sales volume for the first quarter of 2021, building off of a strong end to last year.
“Moove, a global reference in lubricants, registered record quarterly results once again, proving the assertiveness of its strategic positioning,” said Cosan CEO Luis Henrique Guimaraes in an earnings release issued May 14.
The Sao Paulo, Brazil-based company reported consolidated net income of 46.5 million reals (U.S. $8.8 million) for a hefty 84% increase compared to 25.3 million reals a year ago.
Net revenue hit 1.4 billion reals during the same period, up 38% from a little over 1 billion the year prior.
Lubricant sales volumes reached approximately 109.7 million liters (98,651 metric tons) for the quarter, up 18% year to year. Cosan credited the resumption of economic activity, mainly in Brazil, for the higher sales.
Guimaraes said the COVID-19 pandemic worsened in Brazil during the first quarter, and new restrictions imposed by the government brought additional challenges. “Opportunities arise amongst crisis. Our businesses have posted another quarter of consistent results, anchored by global macrotrends, some of them further accelerated by the pandemic,” he said.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.