2024-03-21 19:12:54
Infracommerce (B3:IFCM3) releases its financial results for 2023. GMV (Gross Merchandise Volume, or gross volume of goods) was R$15.7 billion in the year. Net revenue surpassed the R$1 billion mark in the year, for the first time, registering an increase of 20.3% compared to 2022. In the last quarter of 2023 alone, there were R$268.5 million in net revenue.
The positive growth indicators highlight the continuous efforts that the company made throughout the year to reduce operating costs and increase profitability, following the M&A cycles in previous years. The adjustments to gain financial efficiency, such as unification of systems and restructuring of production processes, directly reflect on the company’s gross profit in 2023. Capex of R$8.4 million, a reduction of 72.9% compared to 4Q22, indicates that the company is being more efficient in the use of its resources.
The leverage in the company’s customer portfolio, which increased from 637 in 2022 to 759 in 2023, drove this year’s GMV growth of 21.6% compared to 2022, going from R$12.9 billion in 2022 to 15.7 billion. In 4Q23 alone, it was R$4.2 billion – 26.9% of the year’s total GMV. Adjusted EBITDA was R$208 million in the year, a growth of 101.8% compared to 2022. In 4Q23, adjusted EBITDA was R$64 million. The gross margin was 42.4% in 2023. Infracommerce grew gross profit to R$455.2 million in 2022, an increase of 20.2% compared to the previous year, with emphasis on the last quarter, which generated R $110.7 million.
When analyzing the data, without the effect of hyperinflation in Argentina, it is possible to see that the growth, discounting this specific variable, would be even more significant (R$60 million more in revenue) which directly affected the company’s numbers.
Another non-recurring factor that generated an impact were the one-off follow-on expenses that subtracted R$22 million from the company’s net profit, more than 15% of the financial expense in 4Q23. However, with the follow-on, the company reduced its leverage by 49.8% and made M&As payments.
“When I founded Infracommerce in 2012, I designed these historic milestones that we have reached now and I am very happy to bring them to fruition. I was convinced that in 10 or 12 years we would have a company at this level. We remain confident in our business model and in the growth of the industry throughout Latin America. The company’s focus remains on gaining efficiency, profitability and cash generation in 2024”, concludes Kai Schoppen, founder and CEO of Infracommerce.
Financial highlights of Infracommerce 4Q23
– Net revenue totaled R$268.5 million, considering the adjustment of R$60 million referring to the macroeconomic effect in Argentina. Disregarding this effect, growth was 25.5% compared to 4Q22
– Gross Profit of R$110.7 million in 4Q23, with a gross margin of 41.2%, a stable result in relation to 4Q22 Adjusted EBITDA of R$64.0 million in 4Q23, an increase of 48.5% in relation to 4Q22. The adjusted EBITDA margin was 23.8%, expanding 7.4 pp compared to 4Q22.
– Capex of R$8.4 million, a reduction of 72.9% compared to 4Q22. Total GMV reached R$4.2 billion in 4Q23, a growth of 13.8% compared to 4Q22 759 customers in the ecosystem, versus 637 in 4Q22. 3,317 employees in 9 countries in Latin America.
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