Emilio Fugazza, Diretor Financeiro da EZTEC.
Emílio, quem será a apresentação?
I'll start with Sir Emilio who will begin the presentation. Go ahead, Sir.
Thank you, Pedro. It's an honor to be here in this earnings call for the second quarter of 2024. I'd like to make an honorable mention to the President of the Board.
O maior volume de vendas da história da EZTEC é.
are presenting the second highest sales in our history on his birthday. So, happy birthday, Flávio. Have a good one. And with that, we would like to begin by discussing our launches for this quarter. In the second quarter, we had a total of BRL 188 million, with Villares Parada Inglesa, which was a success that we had not seen since 2019. 93% of it has been sold. It's located in North, southern São Paulo. It's a building that is the type of product that EZTEC wants to provide to the São Paulo middle class. We also launched Brooklin Studios by Lindenberg, which is right next to the Vista Brooklin building, which was launched in the first quarter of 2024. These studios are 22-27 square meters, and they already have been 62% sold. So, for 2024, we had a total of BRL 646 million in our performed launches.
These launches are at more than 50% sold levels. Following that, we can see our upcoming launches for the third quarter, starting with August. Last Wednesday, we had a launch convention for our next enterprise, Lindenberg Alto das Nações. This is a project that is in the southern side of São Paulo, Chácara Santo Antônio, close to Marginal Pinheiros. This is a location that already has a supermarket and a mall from Carrefour. And they are currently building a corporate tower that will be the highest in São Paulo. Our development is in that complex. We have already started construction, and it will be launched in August. I'll leave additional details for Silvio Ernesto Zarzur to comment on later. Here, we have our operational performance, how our sales have been evolving. We reached BRL 556 million in gross sales.
Here, we can see an increase in comparison to the fourth quarter of 2023 of about BRL 300 million. So, we have more than doubled our gross sales in comparison to the end of 2023. The good news here, actually, we have two. The first is that this is based on high-performing buildings, which really are additive to our gross revenue. We also have contract cancellations, which was far below 10% of what we saw in the first quarter of 2024. So, when we look at this, BRL 42 million in contract cancellations, we have to consider only 43 because we can exclude here the upgrades. So, we would say that we are at around 43 in cancellations, which is absolutely healthy for the company's history. Following that, we have our deliveries. You can see that deliveries have had a lower volume than in 2023.
In 2024, this volume will be connected to the Minha Casa, Minha Vida segment. This picture is Fit Casa José Bonifácio. This is an enterprise that had 84% of its units sold and was just recently delivered in the second quarter. All licenses have been already met, and they've been delivered to clients. We will have about BRL 600 million to be delivered still. Situations that we've had in the past in 2025, our volume will be much more significant, BRL 2.3 billion or thereabouts. As you can see on the graph, the volume sold out of what we are delivering in 2024 and 2025 is already surpassing 70%. For 2024, it is around 80%. The good news here is that the inventory based on these deliveries will not become a problem for the company. The next slide shows the company's total inventory.
Considering we are selling more than we are launching in the first quarter of 2023, which is the first half of 2024, we finished the second quarter with about BRL 2.9 billion in PSV launches, representing BRL 646 million, and gross sales representing BRL 878 million. Our inventory is based on what we mentioned in the southern part of São Paulo and Guarulhos, and these investments had good sales volumes in the second quarter of 2024. The next slide continues our discussion on inventory and our land bank, which has around BRL 9.3 billion. You can see how these variations are taking place due to adjustments to our project and the zoning law. We have millions in projects in Água Espraiada and Chucri Zaidan. Besides this BRL 9.3 billion, we have about BRL 5 billion in lands. These are contracts with a resolution clause.
We're expecting these clauses to be enacted, and this should happen during the second half of the year. And once we have them approved, this will add BRL 5 billion to the company, which will lead us to have a total of BRL 14 billion in land banks by the end of the year. Now, let's continue with our financial performance. I have to mention our accounting and our financial administrators because in 2024 we have become the first company to publish its results among projects of that priority. This quarter's highlight is definitely our revenue, which went up from BRL 239 million to BRL 416 million, about BRL 180 million in growth. This represents about 80% revenue growth. And this is due to a number of important indicators. I've mentioned one of them, selling our inventory, which had a direct impact here, and also the recognition of Villares.
A significant sales volume of about BRL 80 million for Lindenberg Ibirapuera. This is a building that had its commercial launch for the second tower, or the design tower. We've had 13 sales, which represent BRL 80 million. This has supported our revenue significantly. This building has been 40% of its units sold, grossing profits and margins. Obviously, as revenue goes up, we also see the gross profit and margin going up. This can be explained by a couple of things. The first is Lindenberg Ibirapuera. We had different opportunities in the design tower, but we also sold. Of course, this reduces the price of the company's cash, but it does have an impact to the company's gross margin, which can be seen on this reduction from 34% in the second quarter to 31%.
This has allowed the company to have an increase in its bottom line. Looking at equity income, we can see an increase of over 100%, BRL 23 million in our results being recognized. I'm referring here to Mooca Città Milano, which have been recognized this quarter. And also, we have been advancing in some construction work, like EZCALP and Lindenberg Alto de Pinheiros, which are buildings that have helped us with our equity income. Finally, we have our expenses. You can see that our expenses are in line with our history, with the average expense we had in 2024, about BRL 65 million-BRL 66 million. Of course, there was an increase in the second quarter due to a one-off event, a technical event that is not different from anything the company had planned before. As we have demobilized a booth in the company in Unique Green.
Here, we see the results to be recognized. Our goal in showing this is to shed some light on how the company is becoming more results-driven in its culture. The top graph shows our consolidated result added to our equity. Our equity income is about one third of our total result to be recognized. Its equivalence is about 40% of the gross margin, while our consolidated result, meaning buildings that are being executed by the company and controlled by the company, are providing a 40% gross margin. It's important to mention that we are continuing to expand our gross margin since the second quarter of 2023. You can see how it's given by the units being sold from the enterprises under construction or being launched. We have for example, Expression Exalt, and others that are pulling the company's gross margins to be recognized. That's also good news.
Our total equity gives us a possibility of 41% gross margins to be recognized as a possibility. The last slide shows the company's financial results, which is BRL 29 million in the second quarter of 2024, a slight variation in comparison to the first quarter of 2024 because this quarter we had IGP, which considers two-thirds of our portfolio close to zero. In the first quarter, it was around 0.88. So, although the IPCA index was positive and it's applicable to one-third of our portfolio, it was not enough to maintain the results we had before. The good news is that IGP, which will be included in our third quarter's results, has been positive so far. It has been very positive to our portfolio, as we heard in the Fundação Getúlio Vargas's communications. It will be around 0.6 to 0.7.
Also, in 12 or 6 months, the fiduciary will be a fiduciary of BRL 60 million. The direct receivable portfolio has been assigned to us. A part of our clients has decided to sign a direct receivable with us, selecting this option of 12% plus IPCA. But looking at our portfolio, we have been seeing more direct receivables, and this will be seen in the next quarter. So, from the results perspective, the company's net profits is BRL 89 million, up BRL 32 million versus the results we had in the first quarter, a growth of over 50% for a net margin of 21%, something that we haven't seen in the company for nearly 2 years. And of course, this will give us higher dividend payouts following the same proportion. Finally, on this slide, we have our cash information.
You can see here that when it comes to availability in the first half of 2024, we had a growth of about BRL 50 million in availability. The transition from net cash to net debt is happening through real estate funding for construction. This means that in our ongoing construction work, we are taking our financing needs from the banks. Our debt is going up, but this is healthy. Our rate is below CDI. Our average financing plan is at around 90% of the CDI index, with a growth in our next slide. It's showing that the company is at around BRL 4.8 billion in its net assets.
When it comes to liquidity, you can't only count on our cash, but also our performance receivables, which is not only what we mentioned before, but all receivables in transition to be transformed for the companies that perform BRL 581 million, which is at BRL 581 million. And we have BRL 581 million, which is incomparable assets and is something that we will discuss throughout the next years, and will be a very important topic for the company. Finally, before I give the floor to our other executives, I'd like to mention the company's dividend payment, which has already been approved by the board of directors. It will be BRL 21 million, or about BRL 0.10 per share, to be paid on August 30, 2024, and ex-dividends to be paid from August 9, 2024.
With that being said, I will give the floor to our Chairman of the Board, Flávio Ernesto Zarzur, for his opening remarks. Flávio, go ahead.
Good morning. It's great to see so many people watching. I think that these numbers are bringing us to that post-COVID level. We know that we have to take it one day at a time. It could be that this will be the normal threshold, but we might face adjustments later on. We have a clear and objective strategy being executed here. We have a lot of harmony in the strategy that we have been applying. And that's why I'm so happy to be here. Thank you for listening. Silvio, your remarks, please.
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