14 August 2023

Brazil - Declines across the board for Minerva Foods in Q2

Minerva Foods has announced its financial results for the second quarter of 2023, achieving net revenue of R$7.3 billion (US$1.49 billion), down by 14.1% year-on-year, reports ILM.

The company reported slaughter numbers of 1.021 million head in the period, down by 1.4% from the same period last year, while sales volume was down by 2.4% to 314,000 metric tons.

EBITDA for the quarter totalled R$711.2 million (US$145.35 million), down by 8.6%, with a margin of 9.8%. Net income for the period was down by 71.6% year-on-year to R$120.7 million (US$24.67 million).

Exports represented 65.8% of gross revenue in the period, while the company had a market share of 20% in South America.

In the last 12 months ended June 2023, Minerva reported that Africa accounted for 4% of exports, the Americas made up 17%, 46% went to Asia, the Commonwealth of Independent States (represented mainly by Russia) accounted for 10%, 7% of exports went to the European Union, NAFTA (primarily the U.S.) was responsible for 8% of exports and the Middle East accounted for another 8% of the total.

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