Brazilian lubricants producer and distributor Moove saw profit rise to a record-high in the first three months of the year amid a sustained surge in sales volumes and a higher market share.
Its earnings before interest, taxes, depreciation and amortization (EBITDA) rose to 275.5mn Brazilian Real ($56.3mn) in the first three months of the year.
Profit rose from R199.8mn during the fourth quarter of last year and by 59pc from year-earlier levels.
Profit rose on the back of a 56pc rise in sales from a year earlier.
Sales got a boost from an 84pc rise in sales volumes and the consolidation in the results of US lube distributor PetroChoice and Brazilian lube blender Tirreno.
With sales growth outpacing the 46pc rise in costs, Moove’s profit margin rose to 10.6pc in the first quarter. The margin rose from 7.9pc during the fourth quarter of last year.
Moove is part of Cosan Group.