Moove achieved large increases in profits and combined lubricants and base oil sales volume for both full year 2023 and the fourth quarter. A key factor cited was the boost last year in its international presence.
Brazilian conglomerate reported that Moove’s earnings before interest, taxes, depreciation, and amortization surged 41% to 1.2 billion reals (U.S. $236 million) in 2023, compared to 851 million reals in 2022. Moove’s combined lubricants and base oil sales volume jumped 26% in 2023 to 597,000 tons, compared to 476,000 tons.
In the fourth quarter, Moove’s EBITDA climbed 36% from 200 million reals to 272 million reals. Fourth-quarter lubricants and base oils sales volume improved 26%, from 140,000 tons to 147,000 tons.
The company said Moove’s EBITDA was leveraged by solid growth a better mix of product sold, in addition to strengthening the business’ international presence.
“Moove had its best year ever, driven by the higher sales and healthy margins, reflecting Moove’s leading position in the market of synthetic lubricants and ongoing improvement of its business model,” Cosan CEO Nelson Gomes said in Cosan’s financial information report.
“Its strong international footprint is also a highlight, with significant results achieved in 2023 with the successful integration of PetroChoice.” In May 2022, Moove announced the acquisition of PetroChoice, then the largest lubricants distributor in the United States, for $479 million from private equity investment firm Golden Gate Capital.
Moove’s parent company Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.
Moove produces and distributes products under the Mobil and Comma brands, with operations in Brazil and other countries in South America – Argentina, Bolivia, Uruguay and Paraguay – as well as in the United States and Europe, including the United Kingdom, Spain,
Portugal and France. It markets lubricants and other products for applications in the automotive and industrial segments, and also is an importer and distributor of base oils in the Brazilian market.