Net revenue was 11.6% higher than in the same period of the previous year.| Photo: Disclosure

Grupo Madero recorded net revenue of R$425.1 million in the third quarter of 2023, 11.6% higher than in the same period last year, with a similar number of operations. The release of this quarter’s results took place last Tuesday (7). Adjusted EBITDA – earnings before interest, taxes, depreciation and amortization – was R$107.5 million, 16.2% higher than the previous year.

As for sales in the same restaurants, the increase was 4.6% when compared to the third quarter of 2022, and 15.2% when compared to the same period in 2019. The chain’s biggest highlight was Madero Steak House, which recorded the best movement since the beginning of the Covid-19 pandemic.

“We remain focused on gaining efficiency and the process and control improvements implemented in previous periods, together with the improvement of our strong relationship with partners, allowed us to reach Gross Margin levels above 70%, demonstrating the positive result of Management’s efforts. In the operational field, the quarter was also marked by the implementation of improvements in our delivery processes, which added to the introduction of new marketing initiatives”, comments chef Junior Durski, founder of Grupo Madero.

Regarding Grupo Madero’s bank debts in this third quarter of 2023, Agribusiness Receivables Certificates – CRA – were issued in the amount of R$150 million. These certificates have a term of six years for repayment of the principal debt and a two-year grace period.