Afya, a Brazilian educational group listed on Nasdaq, recorded adjusted net income of BRL 116.8 million in the third quarter of 2021, up 1.2% from the third quarter of 2020. From January to September, net income amounted to BRL $341.97 million, up 1.6% over the same period last year.
From July to September, the company’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) increased 28.2% to R$ 191.4 million, compared to the same period in 2020. For the nine-month period , the adjusted Ebitda was R$ 559.7 million, an increase of 37.2% in the annual comparison. The Ebitda margin went from 47.6% to 41.3% between the periods. The retreat, according to the company, was motivated by the consolidation of acquisitions and the lower performance of Continuing Education.
Net revenue was R$ 454.4 million in the quarter, 46.9% higher than in the months of July to September 2020, due to the maturing of medical vacancies, increase in the average ticket for medical programs, expansion of digital and consolidation of acquisitions, informed the company, in the statement accompanying the balance sheet.
Adjusted net revenue totaled BRL 463.3 million, an increase of 47.9% compared to the same period of the previous year, and includes the impact of BRL 8.9 million, due to temporary net discounts on monthly tuition granted in lawsuits individual, collective and public civil related to covid-19.
Excluding acquisitions, adjusted net revenue in the third quarter would have been R$324.0 million, an increase of 3.4%.
The company’s financial result ended September negative at BRL 35.397 million, almost three times the negative result of BRL 11.62 million in the same period last year.
Afya ended the quarter with 15,977 undergraduate students enrolled in Medicine, an increase of 67% compared to the third quarter of last year, and 2,611 medical vacancies authorized by the Ministry of Education (MEC), an increase of 39.9%. Without considering acquisitions, the company had 1,081 students, up 66.8%.
Afya’s net debt in the quarter, excluding the effect of IFRS 16, totaled BRL 1.108 billion, compared to a net debt of BRL 166.9 million on December 31, 2020, mainly due to the closing of the acquisitions of UNIFIPMoc, FipGuanambi and Unigranrio, which were paid in cash in the amount of R$704.6 million.
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