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Brazil’s StoneCo profits from booming financial services

StoneCo, a Brazilian provider of financial technology, announced an adjusted fourth-quarter net profit of 234.8 million reais ($44.70 million) on Tuesday, reversing a loss of 32.5 million reais from the prior year.

The company reported that during the period, its revenue increased by 44.5% to 2.706 billion reais, and that the growth was primarily due to an almost 50% increase in income from its financial services platform.

In addition to offering banking services outside of the payments industry, StoneCo has been undergoing organisational changes. A new chief executive, Pedro Zinner, is set to take over at the end of March.

The fourth quarter “consolidated a big turnaround that our business had over 2022,” according to Lia Matos, chief strategy officer of StoneCo.

EBITDA, or adjusted earnings before interest, taxes, depreciation, and amortisation, totaled 1.272 billion reais, up 85.8% over the previous year.

Notwithstanding overall higher general and administrative expenses in the quarter, adjusted EBITDA margin increased one percentage point from the prior quarter to 47%, according to the company. This was primarily because of cost of services and selling expense efficiency improvements.

Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.

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