Hello, and welcome to the comments on the results of the third quarter, ending in November 2023. On slide 2, we highlight the categories of operation and the main indicators for the quarter, consolidating Camil's position as one of the largest food brand platforms in Latin America. This quarter, we achieved a record net revenue of BRL 3 billion, up by approximately 16% compared to the same period last year, and 3% sequentially. Our EBITDA stood at BRL 249 million, a 48% increase compared to the adjusted EBITDA of the third quarter 2022, and 17% sequentially, with a margin of 8.3%. EBITDA comparisons are made considering adjusted EBITDA to exclude the effect of a positive 142 million BRL in the third quarter of 2022, due to the advantageous purchase of Mabel and some expenses with provisions.
In volumes, we grew 11% year-on-year and showed a sequential reduction of 8%, as we will discuss in the next slides. The highlights of Brazil's operation include high turnover, made up of grains and sugar, with volumes up 3% year-on-year. This result was driven by the continuation of sugar exports initiated in the last quarter to mitigate the effects of a challenging and highly competitive scenario for this category in the short term. Sequentially, we saw a reduction in grains. It is important to note that prices in the rice market have risen rapidly and substantially, as indicated by the CEPEA index. This increase boosts the profitability of the grains category in line with our business model of passing on prices from the industry, leading to higher revenue, and as a result, a greater dilution of fixed costs and expenses, contributing to enhancing the category's EBITDA.
Moving on to the high-value category, which includes fish, pasta, coffee, and cookies, we saw a 25% increase in volume compared to the previous year, driven by the volumes of cookies and coffee. Sequentially, there was a reduction in sales volume, impacted by the cookies and pasta categories. As for coffee, we concluded the capacity expansion project and remain focused on the União brand sales growth strategy, achieving a 5% market share in the São Paulo and Rio de Janeiro regions. In the cookie segment, we continue with our plan to improve Mabel's profitability and sales. The high-value category represents an important step towards further strengthening our position as a food platform with leading brands in a variety of higher value-added products.
On the international front, we've reported an increase of 30% in volume compared to the third quarter 2022, and a reduction of 12% sequentially. This result was driven by the seasonality of our operation in Uruguay, which fluctuates according to the export made during the quarters of the year, due to the country's business model. In the other countries, we continued to see improvement in growth and profitability in Chile and Ecuador, an effect partially offset by the ongoing challenging scenario in Peru. We are gradually working on gaining scale and profitability, boosting the results of the new categories and absorbing price movements in rice for high turnover. We remain confident that we are on the right track to achieve our growth and profitability objectives. Now, I'll let Flavio comment on the financial results for the period. Please go ahead, Flavio.
Thank you, Luciano.
Moving on to the financial highlights of the period, as Luciano mentioned, our net revenue stood at BRL 3 billion, an increase of approximately 16% and a record for the company, highlighting a new level of scale. Cost of goods sold grew by 15%, mainly due to Brazil's high turnover in sugar and the high value of cookies. As a result, our gross profit stood at BRL 580 million, with a margin of 19% in the quarter. SG&A fell by 6.2% to 14.2% as a percentage of net revenue, down 3.2 percentage points vis-a-vis third quarter of 2022. It is worth noting that the company has been carrying out optimization plans and reviewing expenses, aiming for greater efficiency and the identification of new synergies in the acquisitions made.
We have managed to maximize the synergies and profitability of the 2021 acquisition so far, exceeding our targets and reinforcing our confidence in the growth of new businesses. The reduction was therefore driven by lower G&A in the period, especially in Brazil, with lower personnel expenses, legal expenses, and other corporate expenses. Selling expenses also fell, with lower volumes leading to lower sales commission and advertising expenses. In other operating income and expenses, we totaled BRL 28 million in the quarter, mainly due to the recording of non-recurring income of BRL 27 million related to some effects.
We had the reversal of part of the provision for the transfer of the industrial asset of cookies from the plant of the seller of the asset to the Mabel plant, a reversal referring to the agreement regarding the debt of Café Bom Dia, and finally, a PIS and COFINS income attributable to the acquisition of SLC Alimentos in 2018. With regard to EBITDA, it reached BRL 249 million, up 48% compared to adjusted EBITDA in third quarter 2022, with a margin of 8.3%. As Luciano mentioned in the highlights, it is important to note that in the third quarter 2022 comparative base, we recorded other non-recurring income and expenses related to the advantageous purchase of Mabel, as well as other provisions recorded in the period. And for this reason, we present the comparative analysis against the adjusted EBITDA of third quarter 2022.
Sequentially, we will highlight the 3% increase in net revenue and 17% increase in EBITDA, as well as the 0.7-point reduction in the percentage of SG&A to net revenue in the period. This result is driven by the increase in prices, mainly rice, and the outcome of our actions in SG&A to optimize expenses and capture greater synergies from new businesses. Our net income reached BRL 143 million sequential growth due to the impact we had on income tax. Income tax amounted to a positive BRL 70 million due to the exclusion of the subsidy of the remaining credit of 2022, the subsidy of the presumed credit of third quarter 2023, and also related to the distribution of interest on equity.
Moving on to debt, the company's net debt amounted to BRL 3.6 billion, with net debt to EBITDA for the last 12 months of 4.3x in the quarter. It's important to note that our covenants regarding. Our covenants reading is annual, the next one being in February 2024. It is worth noting that the seasonality of working capital is relevant throughout the quarters, more specifically in rice. As such, the first quarters of the year usually see greater cash consumption, while the fourth quarter usually sees a release in working capital and consequently, an improvement in leverage. It is worth noting that in December 2023, the company concluded its 13th issue of debentures backed by CRA. The issue consists of simple debentures, three series totaling BRL 650 million.
With this issue and other financing carried out in the last period, we are comfortable with meeting the company's commitment for the coming months. CapEx for the quarter, in addition to maintenance CapEx, consists of our projects already announced to the market to expand capacity in the pasta and coffee categories. As for ESG, we are consistently pursuing the actions carried out by the company, with our most recent highlight being the entry into the ISE at B3. Last year, we carried out a cross-sectional assessment of the initiatives, processes, and procedures carried out at the company, which had a direct or indirect impact on the scores in questionnaires and market ratings.
The assessment resulted in a plan comprising a number of actions, one of the results of which was the news that Camil has been included in the ISE in the new portfolio, which has been in force since January 2nd, 2024. This move reinforces the company's commitment to sustainable business development, the planet, and the creation of shared value. For more details on our actions, please access our sustainability report and contact our IR and ESG team with any questions or suggestions. Finally, as Luciano has already pointed out, we are working hard to boost our efficiency and gradually grow in scale and profitability. We are confident that we are on the right track to take the company to a new level of scale and profitability. Now we'll be available for a Q&A if you have any questions. Thank you.