Docas do Rio invoices BRL 807.8 million in 2021

Companhia Docas do Rio de Janeiro (CDRJ), which manages the ports of Rio de Janeiro, Itaguaí, Niterói, and Angra dos Reis, released, on the 20th, its 2021 financial statement showing a gross profit of R$ 807.8 million, representing 77% of its revenue of R$ 1.043 billion.

The CEO of Docas do Rio, Francisco Antonio de Magalhães Laranjeira, points out that gross profit increased by 75% compared to the previous year, undoubtedly due to the increase in gross revenue. “The company’s record income was bolstered by an increase in cargo handling and external factors such as the exchange rate and the price of iron ore in the international market, which enhanced the company’s export earnings of this key commodity.”

Despite significant revenue growth, the company’s ongoing challenges impacted operational results before affecting financial results, which ended the year in the order of R$ 70 million, 56% lower than in 2020. This is due to a considerable increase in Docas do Rio’s expenses with accounting provisions to comply with Accounting Pronouncement CPC 25.

According to the Administrative-Financial Director of Docas do Rio, Indalecio Castilho Villa Alvarez, “the increment in revenue, combined with effective cash flow management, enabled the company to close the fiscal year 2021 with R$ 351 million available. This amount is the most representative in recent years and, still, with the lowest default level, owing to the settlement of the majority of its historical liabilities.”

The company’s Finance Superintendent, Camila de Souza Pereira Carvalho, highlights that although the decrease in operating income resulted in accounting losses, it did not jeopardize its performance. In addition to management improvements, Docas do Rio earned tax income, paid taxes to the Federal Revenue Service, and achieved an EBITDA of R$ 134 million, a significant performance in cash generation and the ability to produce resources.

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