1Q 2024 at Moura Dubeux. Welcome. I am Alan Aquino, and to present the results, we have Diego Villar, the CEO of the company, Diego Freire and Diogo Barral, the Investor Relations Officer. To perform questions, please use the Q&A icon. At the end of the presentation, we'll have the Q&A session. We would also like to remind you all that possible statements that could be done during the conference are based on assumptions of the Moura Dubeux officers. The future statements are not an assurance of performance. They involve risks and uncertainties and rely on factors that could or not occur. Having performed this disclaimer, Villar, the floor is yours.
Thank you, Alan, and good morning, everyone. 1 more presentation at Moura Dubeux as we have the closure of 2024.
For us, we are presenting very important results because we are closing a cycle of 5 years ever since we went public. In February, we're finishing this cycle, and this is an important milestone because the average of the full cycle of real estate development at Moura Dubeux. If you understand, ever since the moment we're prospecting, approval, developing and launching and commercializing, as well as the construction and complete transfer and the incorporation, the average cycle happens in the same period of time. When you look at the numbers and the evolution of these numbers throughout time, really demonstrates how Moura Dubeux has evolved and really tried to fulfill what we had presented by the end of 2019 and the first years of 2020 as an expectation for the next 5 years when we had our IPO.
When we look at the numbers, I'm gonna show you the launches. We went from BRL 662 million per year, and we ended the year 2024 with BRL 2.543 billion. We have an average growth throughout the year of 39%. This demonstrates that we've had a positioning strategically in the northeast that's very singular, very unique in regards to who's exploring this single market or at most 2, because it's the second biggest real estate market in Brazil. You see the last 5 years, Brazil went through many phases, the pandemic and then this major cycle of a drop in interest rates, an increase in interest rates up and down, the government changing its economic policy constantly, political guidance from the government as well. Brazil is what it is, right?
A country of many instabilities. Even despite this, we've been able to grow and expand into 2 more markets, expand different product lines and diversify the risks of the company's operation. We were able to do this at an average of almost 40% a year. As we start with this journey, we have another point that's also very important, which is really having a product that is well accepted and commercialized. We go from BRL 542 million of sales to BRL 2 billion 400 thousand. This is a growth of 35% in sales. It's not the same as the growth of launches because sometimes these don't happen in the first days of the year. They happen during the year itself. We have this effect, this seasonal effect of this mismatch between one date and another.
I'm gonna go down here to VSO because then we can demonstrate how they were really well accepted. We navigated with an average VSO between 45% and 50%, and in 2024 we ended with 54.3%, one of the best in the sector. Actually, according to the VSO, we've always mentioned that the company doesn't operate according to the limits of the market in our products, right? The market demands more. Our anchor for launches and sales is really our financial paradigm. We don't wanna be a company that has high leverage. Even so, we can't consider less than BRL 100 million of payments in dividends per year.
That's what makes the company be very careful with its product mix with, as well as, the business unit and condominium and corporation being very cautious about this. Actually the market has the capacity to absorb more and the VSO is responsible for part of this. We did some recent research, and in the last 10 years, the stock positioning in the capitals we operate in was never this small. We ended 2024 with the lowest number in the historical series. The number of months also commercializing these products to keep the speed in sales in 2012 is gonna be really the lowest in Brazil. This is super important to demonstrate how Moura Dubeux has the capacity for growth even in this adverse scenario of the interest rate environment.
Getting back to another point here on the net revenue before we wrap up with the stock and net equity. We went from BRL 513 million to BRL 1.57 billion. That's an average growth per year of 32%. As you know, here we have the POC effect, the reflection of the launches and sales, which happened considering a slight delay 1-2 years. That's why 2025 and 2026, the growth of Moura Dubeux is very robust considering the performance last year. Now, what most calls our attention here, and that's what we've been trying to highlight, we don't wanna be the biggest incorporator, we wanna be the most profitable, the biggest developer. We've already reversed a series of losses the company has had.
We went from -BRL 104 million, then to BRL 251 million in profits in 2024. An average growth of 44%. That's what we're focusing on, improving this even better. The percentage of growth per year is greater than the operational data and the actual revenue. It's normal. We've been gaining efficiency and the expenses at MRV are really controlled. Our G&A over revenue is one of the best in the market, and we've been improving every quarter, every year. As we grow, we are able to dilute our commercial expenses even more. We expect an improvement in margins because of this, and that's in the volume of profits also that I think of.
Here in the bottom, we can see our stock, despite the fact that we launched more, the performance in sales was very good, and we are able to end the year of 2024 with BRL 2.2 billion. With the lowest rate of coverage in regards to 2023. 11 months where we've been keeping up with this sales volume and speed. We consider our stock to be really comfortable, and we'll be able to show you how the ready stock is really low, actually quite irrelevant. It's been very healthy and its commercialization curve. That's why the TCO is so high. The average ROE is almost -20% to -17.5%. Our target is at least 20%. We're on this path. Soon we'll be heading towards this level.
Of course, the fact that we're a deleveraged company. Even with the payment of dividends, we reach the end of 2024 with 7% net debt to revenue. If you chart the dividend, you'll see the last 3 quarters consecutively, we were able to generate cash. Monday, I will talk about this up ahead. Just to reinforce the land bank, despite the cycle of launches, is pretty high, so almost BRL 9 billion. We've been able to replace or substitute these. Ever since we went public, we delivered over BRL 2.7 billion in B2B. Our leverage is still low, and that's gonna continue to be low. Our average return on equity continues to be expanding. From November last year, every quarter we're gonna have the recurrence of the payment.
That's how we're planning this and for the company as a whole. When we talk about the next 5 years and compare with the last 5 years, you see the last 5 years we concentrated on MRV with higher income models, and we expanded our model to almost all the cities we're operating, including the Beach Class product lines, which is basically in all of the touristic beaches in the northeast in condominiums. Also a condominium model that's high-end and practically present in all the cities. 2 years ago, we presented Mood with a focus on average income. We made the first delivery at Mood. We have 8 products we've already launched. When we look at the beginning of 2025, these are projects that have had excellent sales performance.
Products that are really loyal to their feasibility, sales speed, and we can still grow even more. We believe that here we can go from BRL 1 billion to BRL 1.4 billion per year in launches. Of course, we can accelerate this a bit more. The government published the intention of sending out about 15 million to be able to advance out of Minha Casa, Minha Vida, servicing families with a medium income. Mood is really included in this segment. Last year, after having evolved a lot in the Mood projects, we at these industrialized projects, and we were able to understand and develop this. If we could get the Mood project and simplify it also when you consider the leisure attributes, then we would be able to fit this into level 3 of Minha Casa, Minha Vida.
We decided to create another company, a third company. From 2025 onwards, we are gonna have launches. We'll also be able to operate with Minha Casa, Minha Vida from this year onwards. Basically, when we sum these 3, we leave the current level of BRL 2.5 billion-BRL 3.5 billion. We expect to have at least BRL 500 million in net income and at least 20% return on equity. That way, we'll be able to consolidate our activities in this level to think about the next leap in growth as long as we're achieving our purpose. Customers are surprised with the quality of the product. We have shareholders that are happy with the profitability, low leverage, and a return on equity that is consistent.
We're very concerned with the consistency of our margins and stability and the consistency with what we promise you. That's what we believe we'll be able to build during the next 5 years with MRV. With this, I'm ending my participation here. I'll get back at the end of the Q&A, and I'll pass the floor on to Diogo Barral so he can talk about the operational highlights in the company. Thank you, Villar. Good morning, everyone. I'll get into details now about our operational performance. Starting off with the launches on the left side graph, the company launched BRL 460 million in the fourth quarter, representing an increase of 2.6% compared to the fourth quarter of 2023 and a reduction of 58% in regards to the third quarter of 2024.
It's important to mention that that's when the company reached its record when it comes to launches and sales. In the graph on the right side, you can see our annual vision. We ended 2024 with BRL 2.5 billion in launches, an increase of 57.8% in regards to 2023. What's interesting here is that for another year, the company's been growing its operation in this condo model from BRL 1.1 billion. This really reflects an improvement with lower cash exposure and better returns. Moving on, in the fourth quarter, we commercialized BRL 521 million, an increase of 31% in regards to the fourth quarter of 2023, and a reduction of 48% compared to the third quarter.
On the right side, once again, the VGV, the end of 2024 commercializing BRL 2.4 billion, and a growth above 60%, compared to the year 2023. You have this composition of our sales when we add our sales of developments, condos, and the closed sales. We have a total gross sales of BRL 576 million. When we reduce these deductions, we have a net sale of BRL 520 million. On the bottom, you can see some graphs showing the behavior of this indicator, and we can see it's been around 10% of the sales for quite a while. We closed the fourth quarter with this indicator representing 9.6% of the gross sales.
Once again, we performed an adjustment of BRL 55 million in that period, and we were able to break this down and show how this, the BRL 55 million, behaved. We can also see that that's where we eliminate these adjustments motivated by the migration of the unit and the shift in ownership and these amounts then become taken on a level that's really healthy, representing less than 3% of our gross sales. Moving on with our VSO, as we mentioned a bit. Once again, we have a VSO that's consistent and resilient. In this photograph, you can see 5 quarters, and if we were to break this down a little more, we would see that the company's been navigating the VSO in DM above 45% for a long period.
We end 2024 with 54% in the last twelve months and 20% in the quarter. Below, you can see the same graph, but a focus now more on launches. VSO with DM above 58% and in the quarter, 37%. Here you have the stock. I think it's not worth getting into detail, but we have 2 relevant bits of information. The company ends 2024 with a VGV of BRL 2.2 billion. We reached BRL 2.5 billion with an index of covered sales and stock coverage, which is keeping up with this sales rhythm. In less than a year, we would be eliminating our current stock. What's important is that our ready stock only represents 5% of our VGV. On this side, you can see 2 pie charts.
1 shows the breakdown per region, where we can notice that there is concentration in our main markets where we're operating Pernambuco, Paraíba and Bahia. Below, we have this breakdown per business format or model, which is basically half-half, with the incorporation representing 52% and condominiums complementing this. The land bank, we have 56 plots of land and BRL 9.1 billion PSV. Once again, here it just demonstrates the company's capacity to quickly reestablish a land bank. During the whole year, we navigated through this amount of BRL 9 billion. Even with significant growth of launches, we were able to keep up with this level of BRL 9.1 billion. Then below, we have this breakdown in regards to the acquisition method. We have 60% acquired through physical acquisitions, 20% through financial acquisitions, and 20% in cash.
We have some projects. We have 58% underway, and 22 of them are in incorporation development regime, and 36 as a condominium. In regards to our current construction projects, we end the year with 48 construction projects underway. To wrap up with the operational side, we always bring in some behaviors and how the deliverables have been taking place in 2024. The company completed 8 projects, and we have this graph here showing this breakdown year-over-year in the long term as we plan here for our deliverables in 2025 all the way to 2029. We look at the short term of the year 2025, we have 20 projects to be complete. In the beginning of the year, we have completed 4 developments.
I'm going to pass this on to Diego Freire as he gets into the financial highlights.
Hey, guys. Good morning. I'm gonna cover the financial highlights here, starting off with the net revenue. In the fourth quarter, we delivered BRL 368 million in revenues, 30% above the fourth quarter of 2023 and a reduction of 26.7% in regards to third quarter of 2024. It's important to highlight what the third quarter of 2024 was. We had a positive impact to the launch of the Mansão ATDE Beach Class Infinity, and we had a property that was recognized in that quarter, and also the sales of BRL 1 billion that we had in the third quarter that contributed to this greater revenue above average for March.
Throughout the accumulated year, we reached BRL 1.6 billion revenue, 36% above the year of 2023. It's important to highlight the growth in the revenues in the incorporation segment, development segment, and also condo segment. On the right side, you can remember the growth of the revenue ever since our IPO. Diego Villar already mentioned this in 2020, the level of 230, and now in 2024, 3 times more, BRL 1.77 billion. That demonstrates the growth of the company in the last few years. Moving on to the gross profit. We always have the adjusted amount. In the fourth quarter, we delivered BRL 125 million. A growth of 16% in regards to the fourth quarter of 2023, and a drop in regards to fourth quarter of 2024.
Here you have the same explanations with the gross profit. When we move again to the margin in the quarter. That's in line with the third quarter and below the fourth quarter of 2023. Here, it's important to remember also that when we recognize a land that has a cash acquisition, that affects the condo margins. However, it doesn't affect the nominal profit of the condominium. That's what happened in the third and fourth quarter, and that's why you have this reduction in the consolidated margin, which is an impact on the condominium. In 2024, we reached BRL 577 million in gross profits, 31% of the year of 2023. The consolidated margin is 35.5%.
We can see that the development takes on a bit more share, and the results were 48%, and condos were 52%. The margin's at 30.6, and the condominium's at 40.6. On the right side, you can see the evolution as well as in the revenue. The gross profit grows exponentially, going from BRL 139 in 2020 to BRL 527 in 2024. Moving on to the commercial expenses and the administrative expenses. On the last slide, you can see our commercial expenses demonstrating a great dilution in expenses in regards to the volume sold. We delivered a hundred and 44 of commercial expenses in the year. The percentage, it dropped to 5.5. A lower sales factor in regards to the volume sold. The administrative expenses also showed an important dilution.
We end the year with BRL 102 million. When we look at from the share of the net revenues, 7.6% in 2023, and that dropped to 6.5% now in 2024. Then from 5.3% to 3.9%, a relevant dilution of our expenses. Moving on to our EBITDA, which ended the fourth quarter with BRL 53 million. We accumulated BRL 280 million in 2024. A growth of 42% in regards to 2023. Our operational gain from 16.6% to 18.4%, really due to the operational leverage that I mentioned with the dilution of the expenses. We've already been reporting this, and that demonstrates what the growth in the operation really has been bringing to our results.
Delivered BRL 45 million in the fourth quarter. We accumulated BRL 271 million in the VGV, which is a company record. A growth of 61% in regards to the year 2023. Our net margin also had a growth of 2.5% and a return on equity that's almost 14%. We had a 17.5% return compared to 12.4% in 2023. That reinforces our strategy in the last few years, and we've been able to work in the condominium stronger. We always notice that the condominium environment also uses less capital than high-end developments. These results, as you can see here in our P&L, provide an improvement in the returns.
We still expect a return gain, especially when the results start appearing in a more significant manner at our P&L level. Moving on to the contracted results. As you can see, the results of the development, which ended in 2024, with a nominal value and 32.6% very close to the margins that we've been presenting in our results. In the condo, we have the sales closure with a growth of 75%. Also a margin in line. In the administration rates, we grew up to 20%. We have BRL 20 million of the rates we recognize as the EBITDA in the condominium construction works. The highlights, we have cash generation and reduction in our debt. We consider the payment of dividends of BRL 55 million.
We have an impact of BRL 42 million in our net debt. We end with BRL 107 million, which represents 7% of our equity. We always bring our perspectives in regards to the debt levels, and we believe that there's a healthy percentage to operate in the company. To operate better would be about 15%-20% of our equity. We're still not at this level, but with the growth of the operation, we should reach this level between 15% and 20%. This has allowed us, the company, to grow. We took on an important growth leap in 2024 because of the expansion in our cash position. We were able to see that it was already a moment where we had the capital structure and capacity to take on this growth leap that we took on in 2024.
Looking at the ahead. We can see that with these dividends, BRL 100 million a year, we can operate between 15%-20% of our equity and deliver important return rates. In our results, we've also disclosed the distribution of BRL 50 million in the second quarter, and that's half of what we have foreseen in this year. We have BRL 15 million now in regards to the period last year, and we have a forecast that in our model, we should be delivering another BRL 15 million in the second semester. With this, we wanna highlight these financial highlights and get into this Q&A session.
Now we're gonna start the Q&A session, guys. If you have a question, please submit it using the Q&A option. We're going to start off with Juan Argento at XP. He has 2 questions, actually.
He wants to understand the perspectives of the launches in 2025 and the relevance expected for the condo segment in the year. The second question he has is, he would like to understand, the vision on the news about potential expansion with the Minha Casa, Minha Vida. The creation of the fourth, range and the program for customers that make up to 12 thousand in monthly income.
If it makes sense to accelerate the growth of Mood if these measures are approved. I can answer this one. First, good morning, Juan, and thank you for this question. Initially, our plan in 2025 is really built in a similar way as 2024. We have a big focus on the closed condominium model, and we've been growing a bit more with Mood, and we have 1 or 2 Única projects.
Just as Mood, we are very cautious, and we expand our performance in Única, getting to know customers, the ideal fraction or breakdowns, which is what we already perform at Mood. What this would represent in totality, but it's always very prudent to closely analyze the market and get to know it better. You can notice that the condominium had a significant relevance in a moment where you have high interest rates, low leverage in the company as a perspective, and we have good products to offer in the market. We talked about this. We bought a 5,000 square meter property in last year in Ceará, and we have the Autogazi Project, an iconic project we're gonna launch here this year. In Recife, we have the continuity of the new Novo cais project with BRL 1 billion in PSV.
That's where we're gonna concentrate in as Hábito already had a launch this year. This is kind of what you can expect, similar to what it was in 2024. I think I talked about this also in my presentation. We saw this with a lot of optimism, this idea the government has with creating like a level 4 in the program. What I read is that it should be an interest rate of 8% per year with families that have up to BRL 12,000 as income. It's really fitting into a product line we have inside Mood. If this happened, there's a restrained demand that's very significant in this market in the Northeast. 5 years with a market undersupplied. As you can see, with the speed of sales that Mood has, it's almost 12% dropping to 8.
Then you have this accountability and how this fits into the income is also significant. 3 percentage points already fits 200,000 families just in this product. In income, it is positive. Low unemployment. Level of confidence is positive. There's this mismatch with the fiscal choices and the government assessments considering real life, employment income among these people in this range. What doesn't fit in is that the interests are really high. If this occurs, we're gonna expand Mood even more and occupy more of this market as well. We have another focus here, and he would like to know more about Única and what we present as experience with Vivex, former brand to this new company, and if the launch mix is gonna change with the Única presence. Well, good morning. Thank you for this question.
We used to have this brand many years ago, Vivex. It worked pretty well with MRV. Ever since the construction model that MRV still had with the construction model where they had concrete block structures used. It's completely different to what MRV produces currently. We also went through this phase as well, where we had 3 or 4 floors buildings, and we learned how to hire the funding the construction model as well, and we were able to build this. This know-how ever since the director that's still in the company. We were actually very successful with Mood. Mood has something similar. The phase, it's a level 3 product that's a lot more qualified. There's more specification, architecture, and simplifying this and fitting it into phase level 3 seems a lot more simple, right?
Because we have this drop in customers and not a drop in construction processes. We're really confident that we'll be capable of developing a product. Actually, development's already done, but that we'll be capable of performing this product even better than what we've been doing and more efficiently. We believe that in the next 5 years, Única should be around BRL 1.2 billion. Considering the current conditions, of course, if this grows, then the program changes its limit in BRL 15 to BRL 35,000. If we see that the demand is greater than what we expected, we will grow. It's a model we already simulated. It's very close. Low capital investments, low leverage. The Northeast has really high demands, and no major developers are exploring this market.
Of course, you have MRV and each of them has strategies that are different than what we're expecting. We wanna consolidate this even more in this segment. We have 3 questions here from Rafael Rehder at Safra. I think the first one is about the mix, and Condomínio has already been answered. We have another 2 here that they would like to know about, which is related to the speed in sales in the beginning of the year, whether they already feel some slowdown. The third is how we're seeing the scenario of hiring contractors, right? If we already see an increase in the interest rates and how that's impacting it. I think Vanderlei can answer both of these.
Well, hi Rafael Rehder, thank you for your question. Good morning.
Well, basically, about the rates for contractors. We've seen that there's been an increase in interest rates overall, the bank setting increasing rates. Also for contractors to the actual construction of these developments from what we've seen. We think that our portfolio is really healthy. We've really gone into this. We have an LTV that's less than 60%. With this, the portfolio is really healthy in regards to the volume that customers can fund. In regards to the increase in interest rates, considering the credit analysis we work on that's pretty rigorous when you bring customers in-house. We simulated this once again with the increase in interest rates. All of the customers we have in our portfolio, and we're still at a very healthy position.
We understood that this increase in interest rates actually for individuals could maybe impact sales. Particularly since data here we launched in the first quarter some Mood developments, and this has been performing very well in our sales. We've been reaching very good performance. In January and February, we sold more than what we had in the first quarter of 2024. That's kind of, like, counterintuitive considering interest rate peak. It reinforces our thesis about when we decided to join the mid-income market with Mood, and we didn't have any operators in this region in large scale. You see demand is still very strong. We have a lot of confidence from buyers. Unemployment is low in the region, and the demand remains high.
We should end the first quarter of 2025 very close to what we sold in the fourth quarter of 2024, which was a level of sales that was very significant. Addressing your question, we had an increase in interest rates. This is not impacting our sales, and it's not gonna impact the feasibility because we operate with interest rates that are a lot higher than what we expect for the economy in the spread but also in CDI. We wouldn't expect that there would be an impact considering the interest rate increase.
We have 3 more questions here from Victor Catenacci from the Small Caps portal. He wants to talk about the ROI on an equity between companies breaking down by development, Minha Casa, Minha Vida condominiums, and understanding the expected gross margin for the revenue effect for condominiums. The third one was about sales.
I think it was already answered, no? Good morning, Victor. Thanks for the question. Just to give you a target ROI for a development like Mood. We imagine about 16%. This has considering development and the more associative you can put this in, this increases the ROI by 16%. Then Minha Casa, Minha Vida, this ROI is already over 25%, and that's why we consider that when Única starts taking on part of our results, our return should increase considerably. The condominium ROI is about 30% when you have more condominiums, so you have a higher through swap agreement, then the ROI is higher. When you have cash, it's a little lower, but on average, it's 30%.
About your second question on the margins higher for the condominiums. Condominiums are gonna operate between 40% and 50%. There's gonna be quarters like this one where we will have an average of 40% and 50%. That's what you can notice here in the first quarter now, where we should have a margin above 40% at most.
Well, we have 3 here from Antonio Castrucci in Santander. The first one is, what's the percentage of properties for incorporation with a price up to BRL 450,000 in the company? He also wants to know about what led to an increase in the margin for development here in the fourth quarter. If we are seeing anything relevant in the cost front.
Good morning, Antonio. Thanks for the question. Considering the Mood properties where you have this percentage up to BRL 450,000. Mood has 2.75, and they'll be operating between BRL 350,000-BRL 500,000 on average. We have some numbers actually that some Mood buildings that have volumes that are higher. To answer your question, about half of the Mood properties are gonna be in these ranges of BRL 450,000. If the program really becomes a reality for the Minha Casa, Minha Vida income level, we have a potential for growth that is really relevant when it comes to demands. About the incorporation development margin, we were talking about how it would be natural to have growth. We had also been exchanging the batches of high-end developments to Mood developments.
Mood has better margins than the high-end developments. Now we're able to reach that margin, and that's what already happened now in the fourth quarter. Now we would expect the maintenance of this margin. We're not seeing any short term considerable improvement in this margin of 30%. Of course, when we launch Única, we should have an increment in the margin. That's considering the dynamic that should happen in a more gradual manner. When it comes to the costs, they continue to follow the same dynamic with the INCC. Our internal costs concern us a bit with the labor rates, but we still have material kind of offsetting this, and we're really in line with the INCC.
In the last quarters actually, we've been showing this margin growth, as the impact of the inflation. We're keeping up with this, and it's important to have this on our radar always, especially with the dollar changes and other aspects that could impact the inflation, especially with material. But at the moment, nothing beyond what was already discussed. We have a concern with labor and materials kind of offset our budgets overall. We have a question here from Eloísa Cruz at Bank of America . She would like to have a qualitative demand per market and how we see the land bank formation. Eloísa, the market, as I mentioned initially, we just updated the research of the capitals we operate in. We ended 2024 with a lower stock compared to the 10-year series.
It's better than 2019, where we're saying it was the lowest level on the shortage of stock in the northeast. We already explained the reason for this during these last 5 years, since there was low competition. Mood developed 25%. Since the market is very fragmented, they weren't capable of launching enough products for the demand that was non-induced. Just the demand that comes from organic growth, right? Without any stimulus. That considers our VSO. When we launch BRL 1 billion, we launch BRL 1 billion, and so on. In February, we closed the sales level that was even higher than the first quarter of 2024. We're still confident about this. The stimulus of the social benefits are really applied to the northeast, and that provides a dynamic, right?
On 1 side, you have a labor issue because people sometimes just want to stay receiving the government benefits, and they don't search for the formal job employment market. On the other hand, there's income. The company reached 7,200 employees already, over 1,200 adds in the last 12 months. We've been able to meet the need, but we've had a big challenge. Economically, that's good. When Brazil grows, the northeast grows more than Brazil. Because of this migration or redistribution the federal government normally works on in our region. Yes, that leads to dynamics. Of course, the Selic at 15% will bring a trend to a slower economy. High interest rates will maybe make a lot of families not fit into some of our products.
We've seen less of an appetite for launches from the other developers. We saw that this would happen when banks decide they're gonna be more restrictive with credit granting. They're just gonna choose their developers better, that they're gonna approve funding for land banks, et cetera. We've taken advantage of this moment. We have more land available, and while the VSO is doing pretty well, delinquency is very low and cancellations are also very low. We monitor this very closely with the portfolio approvals. I look at this, for example, once or twice a month, slowly and we'll closely look at all of this. We're very confident. We started the year very well, and that's what I can summarize with everything you said now. We have a question from João Torati on the creation of Única.
Is the company interested in operating in cities in the interior of the Northeast? Hey, João. Good morning. Actually, no. Initially, that's not our idea. We're already operating. Once again, we have more demand than what we've had of actual product, so would it make sense to create new structures, to set up teams and construction sites, et cetera? We have to develop suppliers and everything, and there's no point in that if we still have demand in the places we already occupy very well. Our focus is to concentrate even more where we already have leadership and expand in this market. Well, we have no other questions at the moment, and so now we'll just pass it on to you for your final remarks, Villar.
I wanna thank you for the confidence that the market has always developed and deposited in Moura Dubeux and the consistency of our results. I wanna guarantee that we continue to work even more in the next 5 years, and we've been really focusing on this. We really want to talk about this commitment. We're really convinced that this is possible. If you look at what was done in 2020 and 2024, you can see the leap was a lot greater than what we expect because it's more about consolidating what we do and grow naturally than actually build new markets and develop new products and expand a model that's already expanded and consolidated.
The company already has the infrastructure with that 7,200 employees and we took on some important leads and we're really well accommodated in this new process with development of structures and everything we need to have a great journey throughout the next 5 years. We wanna reinforce our commitment and availability also to clarify any questions. IR is always available. I've always been available, so. We are already closing the first quarter, and now we're gonna head to the more accelerated processes. The second and third quarter of the year tend to have more demand, more work, more development. We have a lot of deliverables in 2025, which is great. We're really committed to this with our customer and to our investors. Have a nice day. Bye. Take care.