Ultra Plans to Invest BRL 1.2 Billion in Terminal at Pecém Port

Energy sector company Ultra has announced plans to invest BRL 1.2 billion in a new liquefied petroleum gas (LPG) terminal—commonly known as cooking gas—at the Pecém Port in Ceará, Brazil. The project will be executed through a partnership between Ultra’s subsidiary, Ultragaz, and Supergasbrás Energia. The companies will form a Special Purpose Entity (SPE) with equal ownership stakes.

The investment is subject to Brazil’s Administrative Council for Economic Defense (CADE) approval and other prerequisites before fruition. If approved, the terminal will include a storage facility with a capacity of approximately 62,000 tonnes, with completion expected by 2028. Ultra highlighted that this initiative aims to improve LPG supply security in Brazil’s historically underserved North and Northeast regions.

Financial Context

In Q3 2024, Ultrapar, Ultra’s parent company and the operator of Ipiranga and Ultragaz, reported a net profit of BRL 698 million—a 22% decline compared to the same period in 2023. However, this result exceeded analyst expectations, which projected BRL 581.4 million in net profit.

Despite challenges, the group’s revenue grew by 9% to BRL 35.4 billion, supported by strong performances from Ipiranga and Ultragaz. Ipiranga saw a 4% increase in fuel volume sold but faced a 34% drop in recurring adjusted EBITDA.

Source: Capitalist

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