SAO PAULO (Reuters) – Digital bank PicPay reversed the negative result of 516 million reais suffered a year earlier in the fourth quarter by posting a net profit of 20.4 million, a performance that anticipated the company’s goal of reaching financial balance only in the next year.
The company also achieved its first earnings before interest, taxes, depreciation and amortization (Ebitda) in a quarter since its creation about 10 years ago, of 33.2 million reais. In the year, the negative Ebitda was reduced by 64%, to 693 million reais, informed PicPay, part of the J&F group.
“We do not expect to maximize profit, as we are now expanding our portfolio, making investments in technology, security, among others. But we expect a bigger ramp in the second semester”, said André Cazotto, PicPay executive responsible for investor relations, strategy and M&A.
The total transacted by the company’s platforms soared 66% in the last three months of last year, to 57.5 billion reais, with the figure for the year more than doubling, to 199 billion reais, driven by services such as Pix in installments.
The company also ended the year with 1 million cryptocurrency investment product customers, five months after the launch of the functionality that currently allows the purchase and sale of digital currencies bitcoin, ether, pax dollar (USDP), uniswap (UNI), chainlink (LINK), litecoin (LTC), polygon (MATIC), bitcoin cash (BCH), aave (AAVE) and solana (SOL).
(By Alberto Alerigi Jr.)
#PicPay #anticipates #financial #balance #profit #R20 #million #4th #quarter
Leave a Reply