Rafael Menin, the company’s co-chairman, told Reuters that MRV is on track with its plans to go public in the United States in 2023.
According to an operational overview, the company recorded 2.4 billion reais ($434.56 million) in net sales during the period. Its total launches reached a value of 3.2 billion reais, up 52.4% compared to the fourth quarter of 2020.
The Florida-based AHS Residential unit saw a 184% jump in sales in the fourth quarter, while the low-income MRV unit fell 16.2% year-on-year. At launches, MRV remained virtually flat during the quarter and AHS rose from zero to 1 billion reais.
This pattern of results is expected to continue this year, Mr. Menin said. According to him, the slowdown in the Brazilian economy will probably limit the recovery of its core business, which should continue to put pressure on its gross margin.
The prospect of AHS’ growing stake in the group’s consolidated results bolsters its plans for a U.S. initial public offering (IPO) in 2023, Menin said, given the liquidity of the stock market. New York.
It will also enable better comparability with companies in the same industry in the global environment, he added.
“We have this business, AHS, which is not yet adequately valued by the market, in our view. A US listing can unlock value,” he added.
($1 = 5.5228 reais) (Reporting by Aluisio Alves; Writing by Peter Frontini; Editing by Paul Simao and David Gregorio)