Moove, the lubricants arm of Brazil-based Cosan, posted higher profits, revenue and sales volume for the three months ending June 30.
The São Paulo-based company enjoyed a 64% jump in net income, from 86.9 million reals (U.S. $16.9 million) in the second quarter of 2021 to 142.1 million reals in the same period of 2022.
Revenue rose to 2.1 billion reals, a 45% year-on-year rise. Volume sold hit 128.8 million liters, a 27% bump from 101.8 million liters.
Moove said it consolidated the results from its acquisition of PetroChoice and Brazilian lube manufacturer Tirreno.
Cosan acquired PetroChoice, the largest lubricants distributor in the United States, for $479 million in May. The acquisition could boost Moove’s annual revenue by 50% to approximately 9 billion reals (U.S. $1.87 billion), according to Reuters.
“The two acquisitions were important capital allocation moves aligned with our thesis of international expansion and diversifying our product offering, which should bring many synergies and growth opportunities,” the company said in its earnings release.
“Moove’s performance continues to demonstrate the success and excellent execution of its supply and operational strategies,” the company added.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants. The company also owns two European distributors – Portugal’s Lubrigrupo and France’s TTA Lubrifiants – and New York-based distributor Metrolube. Moove produces and distributes products under the Mobil and Comma brands, with operations in Brazil and other countries in South America, Europe and the United States. It markets lubricants and other products for applications in the automotive and industrial segments and is an importer and distributor of base oils in the Brazilian market.