PagSeguro Digital Ltd. posted net income of 188.9 million Brazilian reais for the fourth quarter of 2017, soaring 390.6% annually from 38.5 million reais a year earlier.
Financial income was about 283.0 million reais, a 132.1% yearly increase form 121.9 million reais. Other financial income was also up 86.6% yearly to 4.6 million reais, from 2.5 million reais.
The company's net margin was 22.7% in the quarter, compared to 10.1% a year earlier.
At the same time, administrative expenses were up 91.2% to 45.4 million reais, while financial expenses grew 41.7% to 40.8 million reais.
Cost of sales and services grew jumped 115.3% to 406.0 million reais, from 188.5 million reais a year earlier. Finally, net other expenses saw the biggest annual growth to 7.0 million reais, 1,039.6% higher than the 613,000 reais in the year-ago period.
Net income for the year 2017 at PagSeguro Digital was 478.8 million reais, 276.4% higher than the 127.2 million reais for 2016. The company cited volume growth in both its net revenue items and income growth from the early payment of receivables and operating leverage as having contributed to the yearly growth.
The company recently held an initial public offering that was set to generate up to $2.61 billion, with shares priced at $21.50 each.
As of March 8, US$1 was equivalent to 3.26 Brazilian reais.
