Good morning, everyone. Welcome to the earnings conference call for the third quarter 2024. My name is Fabiana Lawant. I'm Director of Relations with Investors of the company. This event is being recorded and simultaneously translated. All participants are hearing only. We will have a Q&A session in the end. You can send the questions on the chat. Eventually, declarations on business prospects and projections are internal beliefs and estimates based on the companies and are not guarantees. We have the financial director here as well. I'll give the floor to Silvio with the presentation with the highlights.
Thank you, Fabiana. Good morning, everyone. Thank you for your presence. As we do usually, we will highlight some of our third quarter results that we presented to the market yesterday.
I start with the highlights on the quarter. Our CFO, Thalita, will go into more details on the financial part. We always like to start the presentation remembering the three business pillars that Allied has. Let's start on the right side, our distribution. We are the largest distribution of electronics in Brazil in several categories: mobiles, computers, televisions, video games. We sell the main brands of these segments for Brazilian retail. Two years ago, we started distribution also for Latin America, opening Allied Miami. On the middle pillar, our physical retail, we have 117 POS. 115 are Samsung stores in the Southeast, Paraná and Mato Grosso. We are the biggest Samsung partners in physical stores. We also have two Trocafy physical points of sales, which are refurbished sales. On the left-hand side, third pillar, we have digital retail and strategic partnerships.
We have our online store, which is Mobcom, present in the main marketplaces in Brazil. We also have Trocafy also plugged in some marketplaces. We have our partnerships. iPhone pra Sempre is four years old. It's Itaú, Apple, and Allied partnership. We have the HP online store, Acer rentals. We started a new partnership with Nubank, which we will talk about in our presentation. These three pillars show results resilience for us. Sometimes one is stronger than the others, but the three of them coming together has been bringing consistency of results throughout the years. In all the categories we act, we have expressive market share. We have three examples here, 8% for smartphones, 8% for laptops in Brazilian market, and we have 17% for video games market share in Brazil. I will start talking about our numbers.
On the left-hand side, we have our net revenue. In the quarter, we had a decrease of 7.7%. Accumulated, we have a 6.6% decrease. I would like to give a little more color to these numbers. These three business pillars, two of them were very good in the third quarter. First, physical retail, it grew more than 18%. The second is digital retail, 25% growth. The decrease comes from our distribution, and as I said, distribution we have in Brazil and Latin America. In Brazil, if we look at this year and the GfK, which is the main sellout measure in Brazilian market, the mobile phone, which is our main categories, in 5.5% decrease. If you look at Brazil only, it's 6.6%. Our fall in Brazil is aligned with the Brazilian market. It is because mainly of the Latin American market.
It's a very difficult year in Miami, a lot of competitiveness, we not give up our profitability thinking about volumes of sales. We've been more conservative in the volume of sales in Miami, but we preserved the results. The middle part of this slide is our net income. We have BRL 20.9 million in the third quarter. We had three main impacts that Thalita will describe. We had a tax gain that's important and -2 points. Brazilian retail, we believe that they will not meet their commitments with us, it's a BRL 12 million impact. We closed our Soudi operations, which is our financing to the consumer's operation. We had the reserve of all possible loss that we may have with all the impact in the third quarter, we will probably have no more negative news for Soudi.
We have BRL 85.8 million accumulated in the year, significant growth compared to last year. We have 62% growth year- against- year. On the right-hand side, the cash management is the main factor, we still have the possibility of giving back part of this cash to our investors. We announced our interest of BRL 122 million to be paid as interest on equity. If we sum up the last 12 months, it's BRL 312 million we distributed to our shareholders, which is one of the highest dividend yields in the market is 43%. I'd like to highlight three highlights on the semester, which is physical retail. Since the beginning of the pandemic, we have been doing consistent work of reduction costs and increasing productivity in our physical stores. This is what we have to do in this new world for physical retails.
If you look at this slide, the graph shows the revenue per point of sale. This is a result of our work in increased productivity. If we have as basis 2020, which was BRL 206,000 per POS per month, now we are at BRL 397,000. It's double what we had in 2020. First, we work with the increased portfolio. We have tablets and notebooks on our stores. Tablets means 7% of sales, this is a significant impact. We work with the conversion of the headphones and watches wearables. This Samsung ecosystem brings more loyalty from the consumers and more revenue for us. In the third quarter, half of the mobile phones sold had headsets or watches attached to it. If we compare our average ticket with the market, we have double what the market has. The result is 18.6% of same store sales.
In the physical retail market where few will present positive numbers, we have a relevant number. We reached BRL 420 million net revenue in its first nine months, 20% growth, average ticket growing 36%. We reduced cost, we increased productivity per point of sale, we had a very strong quarter in our physical retail. This was the quarter we launched alongside Samsung, the Z Fold and Z Flip, which are the foldables for this year. Samsung has two launch moments. In the beginning of the year, they launched the Galaxy line, in the third quarter, they launched the foldables. It helped the results for the year. The second highlight I would like to mention is in Trocafy. Trocafy is our selling of refurbished platform. It will still grow in Brazil significantly, will go from this P2P to sales of used devices.
We have the three months guarantee. We have the assurance that it's not stolen, and it is exactly what's described. The battery is the correct one, it will grow exponentially. In May 2022, we launched Trocafy, which is our refurbished sales platform. Until this quarter, our capture points were mainly iPhone pra Sempre, which is the program where the consumers have the opportunity of giving back the phone after 21 months. The Samsung stores, ours, and other Samsung's partners. If you go to a Samsung store to buy a new phone, they will offer to buy your new one. Actually, Trocafy is buying it. Fast Shop in the same model. In this quarter, we have been chosen as Vivo partners too, for Vivo Renova. It's a very similar concept. If you go to Vivo, they offer to buy your used one when you're buying a new one.
Trocafy buying the used one in this partnership they have with Vivo. It's one more capture point for our refurbishing and reselling. We still work very strongly in points of sales. We have Trocafy as an online store. We have Trocafy connected to marketplaces, and we have Trocafy in two physical points in Shopping Eldorado and Shopping Center Norte. We have the expectation that this is a market that is and continue to be growing for next years, and we want significant participation through Trocafy in the refurbished market in Brazil. The third highlight is our online retail/strategic partnerships. We always position as a facilitator of solutions in the ecosystem we are in. Retail, operators, suppliers, consumers. This was in the iPhone pra Sempre with us, Itaú and Apple. That's with HP, with the online store we have on Mercado Livre as well.
In this quarter is a new association as the news with the Nubank. Nubank members have access to buying iPhones in the installment plan that is very aggressive. This sums with our digital retail results. We reached BRL 185 million revenue in third quarter, growing 25% in the year comparison, and 36% growth in the average ticket. The third quarter in physical retail comparison is the quarter where Apple launches new iPhones. This year is the iPhone 16, we had an iPhone pra Sempre, Nubank, important sales channels for this product. These are the three highlights I'd like to mention for the quarter, and I would like to remind our prioritization of growth that we shared with you in all the calls. First is our international area. This year we have the distribution of Apple for Latin America, Motorola for Latin America, and Xbox for Brazil from Miami.
Trocafy, I just talked about it. We believe that this market is in its beginning. We have our corporate sales. We keep adding products and services to our portfolio to become a corporate market distributor with relevance. We will continue to work with partnerships as we've done with Nubank this quarter. Our big numbers. Last 12 months, we have BRL 6.4 billion gross income with BRL 222 million EBITDA and BRL 156 million net income. We sold 6.2 million products. In our operations of direct deliveries, 63% of deliveries are made within 48 hours, which is a strong focus that we have to increase productivity in our deliveries. I wrap up here the highlights for the quarter, and I ask Thalita to comment on the financial results. Thalita, please.
Good morning, everyone. Thank Thank you, Silvio.
Going through our big numbers, Allied had an income of BRL 1.4 billion. In the year accumulated, we had BRL 4.1 billion. We had a decrease of 4.7% in the semester and around 3% in the accumulated. We will go through the channel to understand the movements and the good signs that we see in the third quarter. Profit, there is something important that it decreases less than the net income. It highlights the strategy mentioned by Silvio of maintaining relevance, making ponderations to maintain profitability. We sometimes choose to grow in a less fast manner. With the EBITDA, we had good growth in the quarter, but a bit below expectations for the year. In the accumulated BRL 85.9 million, this is a positive result, especially with the distribution of JCP from our cash management. On the next slide, we go to the distribution.
A positive point on distribution is looking at the last five quarters. This was the second largest after the third quarter last year. Of course there was seasonality but Allied was able to perform this third quarter above last year for the Brazil distribution and the international distribution. Positive highlight for Brazil distribution is that we had a growth in this third quarter, very accelerated in our pulverized channels, which is the capillarity in telesales, which brings growth in a more resilient manner and with less risk for our operation. International distribution, Allied was able to, even with the scenario of a decrease of the dollar value, to make revenue closing exclusive packages for the phase-out of the iPhone 11 and iPhone 12. This decreased the gap that we had in revenue and compensated last year's strategy, which was to sell the iPhone 14, which was the previous model.
This year it suffered a bit because of the devaluation of the BRL, losing competitiveness. This was the good strategy in the third quarter, making revenue to be larger than the fourth quarter last year. We keep our tendency of profitability around 6%, keeping profitability. As mentioned, this is a very positive point. The tendency of Allied to develop the channels. For other channels in physical retail and online retail, as Silvio mentioned, were two channels with great performance month after month. Physical retail growing 18% on same stores, sales almost 19%, is the largest third quarter since 2019, which was the year that was a great launch. Samsung had a great store performance before the pandemic, this is a landmark for the stores.
Our digital retail with a 25% significant growth, Nubank just started now in the end of September, there is still a lot of space for sales. In addition to the success of the iPhone 16 that Allied in our iPhone pre-sale process was the main sales channel. Profitability still is around 28%, maybe a little less than the last quarter, but it is about bundles and packages. We still go on with the cash profitability high, keeping the channel relevant. Now going to the overview of our net revenue with the channel expectation. We have a good result. All the international distribution channels in Brazil, digital, physical retail, looking quarter- after- quarter, even with the decrease in last year's third quarter. The profitability by channel showing the resilience that Allied always performing within the expected band, and in the profitability is still above third quarter last year.
In the accumulated, it is still really relevant to helping the total profitability of our operations. Now moving to our operational part, I'd like to comment. Our expenses adjusted free of any effect, we have an increase of sales expenses. If you look at the chart on the right-hand side, BRL 84 million, it went to BRL 86 million. It is connected to the growth of the channel, physical retail and digital. They had larger investment in sales, but with more profitability, more sales per store, this comes from the growth of the channel. General expenses are still in line. This is big work to compensate inflation and keep profitability with constant reviews for expenses to avoid them to grow. Allied keeps our operational expenses always adjusted without deterioration from inflation.
What we had this quarter, I think the first thing we commented last quarter is the end of our consumer credit operations. In order to bring more transparency and predictability, we had an estimated loss of this last result accounted for in this quarter. This BRL 13.8 million number is also based on our client management and distribution, and to have a more conservative stance. We increased the estimated loss for BRL 12.5 million. After the Thesis of the Century, we had the credit evaluated and reviewing the calculations, we had an additional value for credit connected to the exclusion of the ICMS with the COFINS base of BRL 49 million. These are the effects for the quarter, all operational but non-recurrent. They are punctual. They are part of our result. Financial result expenses.
We have an increase, but the financial result actually shows the expense increase, but it is less financial revenue due to us working with a more equalized cash flow. This generates revenue that is a bit lower. The expenses are still in line, and the financial result, we had an impact of the correction of these credits of PIS/COFINS of BRL 7 million. This is very equal and less than we had in 2022. Even with the interest going up last month, we are still going well, and this is still a good driver of our results. In the indebtedness, I apologize that we had exchanged some information here. The expenses where we have three quarter 2024 is correct, but it is BRL 586 million. The third quarter 2023 is BRL 595 million with BRL 296 million of net indebtedness. Here where we have 3Q 2023 is actually 3Q 2023.
We have a stable net indebtedness of BRL 240 million. Last year was BRL 256 million. It is coherent with the size of our operation and our seasonality. We need very few leveragings. It is healthy. We use this quarter to end our indebtedness of working capital in the exterior to keep our cash flow. We look at the right-hand side, we have the amortization schedule. There were no changes in the last quarter. It keeps on going constantly. It is CDI plus 246. Going to our cash flow evolution as a whole. Allied was profitable, and cash flow this quarter especially, there was a consumption exceptionally, if we look at the, for the BRL 77 million, we had a very short deadline in the end of September. We had a short debt to equalize the accounts for the week, but we already solved that.
This was an exceptional fact, but it would be positive cash flow. This is a quarter we start to stock for the high seasonality, but this was low investment given the levels of capital and receivables. We paid BRL 10 million of our loans from abroad and BRL 100 million from March, we paid on July 31st. We have BRL 315 million. This is strong cash. We go on with this coherent cash level for what Allied needs for operations going into the fourth quarter with a lot of balance. The final resume looking perspective, our big indicators quarter- by- quarter. Allied is still with representative revenue. This is good. With EBITDA, around 5%, around BRL 70 million. This is very important. Our gross profit for the seasonality still is in line, even above the third quarter last year.
Our accounting profit is above 1% with BRL 20.9 million, showing consistency quarter- against- quarter. The third quarter, we showed even more resilience with an uncertain scenario of external macroeconomic issues, with internal political issues as interest rates. We still go with logic to keep significant end results for our shareholders. I think for the financial part, that's it. Thank you, everyone.
All right, let's start with the Q&A session. Remember, you can send the questions in the chat. I will start putting together two questions of our international operations. Marcelo asks about the results of the international distribution this week again. Do we have any reviews on the strategy? Bernardo from XP asks us to talk about the expectation for recovery of the American operations.
Thank you for your question. Our international operation, I consider it to still be in the first stages.
This year that we incorporated Motorola, and now for the past two or three months, we incorporated Xbox. We still have to cover the Brazilian market. We will have, with time, one or more suppliers in Miami, and we will cover more countries in Latin America than we do today. This is still the beginning of the growth phase. Miami's market, in a swift way. This year, we had an excess of demand of supply, and it translated in lower numbers. We decided not to sacrifice our margin. iPhone 16 was recently launched all of the year, and this is an important item in this market that supplies from Miami. We believe this weakness for this year with this decrease in volume is punctual. We will go back to the volumes we had last year, even with the new product and new countries we will cover.
Silvio, we have another question here from Luís. He congratulates on the results and asks about the partnership with the physical stores for Vivo, which will probably increase the volume of devices, and if it will also be a sales channel, and what's been doing in this sense.
Thank you for the question. This is an important capture channel. Vivo has a very significant volume, and it makes Trocafy from this quarter to be much bigger than it was until then. We have constantly worked first with the concept of the refurbished cell phone, which is a concept that the consumer can trust. Every refurbished iPhone you buy on Trocafy will be refurbished with original parts. We guarantee at least 80% of the charge in the battery. We guarantee the origin of this product. We guarantee the state, if scratched or not. It's clearly defined to the consumer.
The concept of the refurb cell phone is through Trocafy, we will make the consumer to gain trust. We have working with capture sources such as Vivo right now and sources of sales. We don't have any agreement with Vivo to use them as sales channel. We use Trocafy, 1P and 3P in Meli and Magalu. They have two kiosks in Shopping Eldorado and at Shopping Center Norte. We will possibly widen marketplaces and physical points as capture grows. This is a balancing game that we capture with our capacity of sales flow.
I have two more questions from Gabriel, from BTG. Different topics, but what's the sales dynamic towards Black Friday this year, and the impact of volume and distribution, if we see some specific effects or general conditions of the market, if we can expect any recovery.
All right. Thank you for the question.
Let's start with Black Friday. That's the most important date in the electronic retail in Brazil. It surpasses Christmas, Mother's Day. This year, I think we will have maybe a not so strong Black Friday as was past years. First, because the interest going up, it impacts the cost of the installment plans for the consumers. Because we are in a dollar value growth period, and all the electronics we sell, most of them are made in Brazil, but with imported components. Dollar impacts directly on the cost of these products. So I believe now there is overstocking in the market, but maybe it will not be the best Black Friday we've had. About market volume, in a year, the cell phone market is down 5%. It has shown some reaction in the past two or three months.
If we looked only at the past two months, we could say that the market is back to growth in the near future. What we have to understand is what the impact of this dollar value will be. First, the change rate, we will stabilize, and based on this rate, we will probably have an increase in prices in market, and it always impacts demand. Trying to sum up, the market was recovering. The fourth quarter is traditionally strong. I believe now we should analyze what the dollar will impact in the cost of these products and what will the impact be in the market demand.
In case we don't have any more questions, I have the last one. Rafael, our shareholder asks, "We have important seasonality for sales, so how is the demand for the iPhone 16?"
Thank you, Rafael.
The mobile phone market is strongly impacted by launches, as you said. Samsung has two launch moments in the beginning of the year for the Galaxy family, in the third quarter for the foldables family. Apple has one launch moment in the third quarter, they launched the new iPhones. This is very important for us. Apple doesn't allow us to give sales numbers, but I can say that the iPhone 16, through our channels, which are mainly iPhone pra Sempre and the association with Nubank, was significantly stronger than the launch of the iPhone 15. We begin with good sales volume. Apparently here in Brazil, not necessarily in the whole world, but here the iPhone 16 is stronger than iPhone 15. I think we went through all the questions. I understand we can end the conference here. I would like to thank you all for the participation.
We are at your disposal if you have any questions. I would like to invite you to Allied Day, which will be on the November 19th, 10:00 A.M. If you are signed up, you will get the invite. It will be online. If you're not registered and get the email link, you can go through the RI website. Thank you. Good morning, everyone.