Good afternoon, ladies and gentlemen, and thank you very much for waiting. Welcome to Helbor's conference to discuss the results of the second quarter 2024. We inform all participants that this broadcast is being recorded and simultaneously translated. We emphasize that for those who need simultaneous translation, this too is available in the globe with the icon interpretation located at the bottom center of the screen. Upon selecting it, please choose your preferred language, either Portuguese or English. For those listening to the conference in English, there is an option to mute the original Portuguese audio by clicking on mute original audio. We also inform that the participants will see and hear the webcast during the company's presentation, after which we will begin the Q&A session.
If you wish to ask a question or if you need any assistance, we encourage you to send your inquiries via Q&A located at the bottom of your screen. Before we proceed, we would like to clarify that any statements made during this webcast regarding the company's business outlook, operation, and financial projections and goals, constitute beliefs and assumptions of Helbor's Management, as well as information currently available to the company.
Forward-looking statements are not guarantees of performance. They involve risks, uncertainties, and assumptions as they relate to future events, and therefore depend on circumstances that may or may not occur. General economic conditions and the industry conditions and other operational factors may affect the company's future results and may lead to outcomes that differ materially from those expressed in such forward-looking statements. Now, I would like to give the floor to Henry Borenstein, the CEO of the company. Please, Henry, you may proceed.
Good afternoon to everyone attending Helbor's earnings release. Alongside our CFO and Investor Relations Officer, Leonardo Piloto, and our Sales Director, Marcelo Bonanata, we are here to discuss the company's result for the second quarter and the cumulative results for 2024. We closed the second quarter with consolidated sales of BRL 532 million, and 87% of this amount corresponds to the sale of completed and ongoing construction units. In the first half of this year, we accumulated a total PSV of BRL 975 million, marking the best sales semester since the cancellation crisis. We launched four projects this quarter, three of which were phased, representing a total net PSV of BRL 267 million.
We delivered a total of three projects this quarter, which together amount a total net PSV of BRL 403 million, with two located in São Paulo, achieving an average sales rate of 84%, and one in Mogi das Cruzes with 57 units sold. It is also worth mentioning that the Só a Helbor Tem event, which this time was exclusively held in the cities of Mogi das Cruzes and Curitiba, reached a total PSV of BRL 6 million sold, marking another excellent sales performance.
On the economic and financial front, we achieved a year to date revenue of BRL 618 million, with a gross margin of 32.4%. The parent company net profit amounted to BRL 15.5 million for the year, representing BRL 0.12 in earnings per share. The leverage index measured by the net debt, net equity ratio registered a slight increase reaching 71.2% due to the reasons we will explain throughout this presentation.
Thus, we remain committed to reducing our inventory of completed and under construction units, focusing on the scheduled delivery throughout this year, and working on the continuous improvement of our operational and financial indicators with subsequent deleveraging. Leonardo Piloto and Marcelo Bonanata will present Helbor's key operational and financial data. Leonardo and Marcelo, you have the floor.
Good afternoon, everyone. Marcelo Bonanata. Good afternoon, Henry, and I would like to thank you all for being here. The first slide we are going to talk about is the land bank with the potential of BRL 10.8 billion. BRL 7 billion is Helbor's share. We have 33 projects with a total land bank of 73% in the city of São Paulo. In the second slide, we show the diversity as regards our land bank. We are present in practically all regions of São Paulo, mainly in the premium neighborhoods of São Paulo.
We can list Jardins, Itaim Bibi, Moema, Chácara Santo Antônio, Vila Nova Conceição, the region of the Ibirapuera Park. We value the beginning of everything that begins the incorporation, the purchase of the land. These are special lands, and we are very proud to have a land bank of this quality. In the city of São Paulo, we have a potential land bank of BRL 8 billion and Helbor shares BRL 5.2 billion. In the next slide, we present the launches. Henry had already talked about in the second quarter of 2024, four launches. Three of them were phases in a development that we had already launched at Fazenda Itapety, which is a success case of sales in Mogi das Cruzes. Royal is the second phase of studios in the Perdizes neighborhood, Metropolitan Vila Nova. And we also have finished the studies.
The new launch in the second quarter was at Helbor Patteo Vila Mariana at França Pinto corner of Domingos de Morais. We have launched the first phase of compact unit studios, business suites, and one-bedroom studios. And we are preparing the second phase for three dorms and three suites. Now, the deliveries we made in the second quarter 2024, we delivered three developments, two in São Paulo, the Vila Nova close to Ibirapuera, and they are 180 sq m apartment.
Park in São Paulo, two, three bedrooms. At the Freguesia do Ó neighborhood, there are 400 units close to the Tietê Riverside. It's a success of sales, a beautiful project, and an undertaking in Mogi das Cruzes in the Reserva Ip oema, which is a new neighborhood. This was also a great success. Now, the contracted sales. This is one of the differentiating highlights for the second quarter.
We totaled BRL 532 million sales, a 45% increase when we compare with the second quarter 2023, and 20% when compare the first quarter 2024. And we compare the six first months, 2024 and 2023, we had a 35% increase. We would like to highlight that this is a very strong quarter. We worked a lot, especially to decrease our exposure. In the next slide, continuing the contracted sales. We talk about the SoS that also had a significant increase. We leap from 12.2% in the second quarter 2023 to 17.7% in the second quarter 2024. Compared with the first semester 2024, we had a 14% increase in Helbor share, leaving from 11.9%- 17% in the second quarter 2024.
Now, about the inventory, the Helbor inventory, it has been decreasing every quarter. We have a total inventory of BRL 2.5 billion and Helbor share BRL 1.4 billion. 97% of this inventory is in the Southeast Brazil. Now, in showing the diversity of Helbor as in regards to its land bank and also its products, we are not concentrated in no specific neighborhood or typology. We have diversity, something we built over the years. We have a very high distribution of inventory, extremely high, high commercial, medium-high, average, and medium-low.
Our inventory has decreased because we have always talked about after. We also had the inventory of legacy was huge. Today, we have only BRL 150 million as compared to the past. The majority of the ready units is a project we delivered recently. The majority of our inventory is under construction. 74% of our inventory is under construction. Now, I would like to give the floor to Leonardo Piloto, who is going to talk about our financial information.
Good afternoon, everyone. I would like to begin with the net operating revenue, total BRL 322 million the second quarter, reflecting part of the sales we did in the first quarter. The revenue was 9% higher and 4% lower the second quarter 2023. When we compare the six months, 2023 and 2024, we grew little by little. Now, talking about the backlog revenue and margin, we have signaled the delivery of some projects with margin. Our backlog margin was reduced. It was 26.8% in the first quarter, and now it's 25.4% in the second quarter this year. The backlog revenue declined a little bit due to the deliveries and what we have already received. Now, in the next slide, talking about the gross profit and margin. We closed the quarter with 32.2% of gross margin.
It is in line what we have told the market that what the company can do in a sustainable way, it's around 30%. The net margin was slightly from 11.2%- 9.8% due to commercial expenses. We had a good quarter of sales, and this has reduced our margin slightly. The gross profit was above the first quarter, from 92 %- 104%. General administrative expenses, the most important information in this slide is in the bottom. The general expenses represent vis-à-vis the revenue. Comparing the second quarter 2023, it was 8%, and now it's 9%. We think it's stable. We shouldn't have any negative surprise along this line. The idea is to seek more efficiency, and we believe that this is well-controlled.
Now, the next slide, talking about the net income. This in the six months of this year. We closed in line. It was BRL 14 million, and this we grew a little more as compared to the first, so from seven to nine in the net profit in the semester. Now, talking about the last slides, the debt. Our total debt for the second quarter compared with the first quarter is slightly higher, BRL 4 million higher due to the leverage we foresaw, and we can understand better by looking at this table below.
Our debt was 68.5% in the first quarter and went back to 71%, above 70%. The last slide, talking about the cash burn, BRL 107 million. We are going to talk more about the reasons later on. We already have some questions in this regard, and we are going to explain better. Now we would like to open for Qs and As.
Okay, we are going to open the Q&A session. The first one is from Herman Lee from Bradesco. Thank you, Herman, for your question. I am going to read it. I would like to understand more about the cash during this quarter. We have some expenses that can persist, and I would like to understand the gross and the net margin, and explain this discrepancy.
The first one about the cash burn. It is important to highlight that the company, in addition to finishing the construction work and put cash, we continue with some important lines, the payment for lands and construction work and debts. In the quarter, we paid dividends and the 107, we have not verged it. So there were some important effects this quarter, and some specific for this semester, for this quarter, and some are continuous. The expenses work will continue to decline. We still have many construction expenses.
Now, concerning the land, the payment for plots of land bought previously. We have had a good land bank. I think for all of us, the focus is on this area. There were several operational issues. Until the end of the year, we have a lot of projects to deliver, and we are focused on selling and on lending, not everything we transfer, the BRL 360 million. One part of that is related to equivalence.
Now, going to the next question concerning the gap, concerning the gross margin. The gross margin in our DRE is a composition of the hefty margin plus the margin of the completed inventory. So we have recognized that we sold it and more what we had in the inventory. So we have a mix of the two. That is why we have the description. The gross is 72 % and the inventory tends to be higher.
I think it would be interesting to bring our inventory margin to make it clear that it is an inventory margin hedge market. I do not know if this explanation is clear. I would like to clarify concerning the leverage, because we have non-strategic lands, plots of land. We mentioned that in the previous quarters that we did a strategic planning for this year and the subsequent years, and we decided to follow. So the medium and medium-high standards, especially in São Paulo and adjacent land, all the land that were outside this strategy, the medium standard in other regions, we have been divesting. We have sold three plots of land and two others will be sold until the end of the year. The sum total of these five will be BRL 100 million in Helbor's share.
Now, the next question is from Hugo [inaudible] , an investor.
What is the expectation of launches at the third and fourth quarter?
T hank you, Hugo. So we have from three to four project for the second semester. One of them is the second phase of Patteo Vila Mariana. We have published the results for the first quarter, and we have three, one in Mogi das Cruzes, São Bernardo, and another in the city of São Paulo. Some developments we have been working on concluding with the sales team. So that when we reach the launches, we already have the sales team working with that, and we have a good expectation for the second half concerning these projects.
Now, supplementing what Marcelo said, we have some projects that are about to be approved, and we decided to change them concerning some land banks that do not have a good plan. We had a gain in terms of area and also PSV. We decided to step on the break for some projects.
Now going back, Leonardo again. We have no further questions. We would like to thank all the participants and for all the questions. Now I will give the floor to Henry.
I would like to thank you all for having participated in our conference. Our main focus, the reduction of our debt and the deleveraging concerning our deliveries. Sometimes we have some operating issues, but we are confident that the results of this year will be very satisfactory. Saying that we had a first semester above our expectation. The market is a buying type of market. We have a good expectation for the second half this year.
In addition to the expectation of launches, we should have at least one other event of Só a Helbor Tem day, which is a good event. Our sales team is well-adjusted. In the first semester, we sold 30% more than the first half last year with fewer launches. Today, this is well-adjusted. With our partnership and being able to entice new partners in our platform, we are very pleased. We have been working very hard day after day to deleverage and sell the inventory and continue what we have always done. Buy banks, develop projects, sell and develop, and leave our client increasingly more satisfied. Thank you.