14 November 2023

Brazil - Results worsen for Minerva Foods in third quarter


Minerva Foods has reported its financial results for the third quarter of the 2023 fiscal year, when gross revenue declined by 15.8% to R$7.56 billion (US$1.54 billion), writes ILM.

EBITDA for the period was down by 11.5% year-on-year to R$713.7 million (US$144.93 million), while the EBITDA margin was up 0.5 percentage points to 10.1%. Net income declined by just 0.3% to R$141 million (US$28.63 million).

Total slaughter in the quarter was 938,100 head, down by 4.6% year-on-year, while total sales volume was up by 3.3% to 333,800 metric tons.

Looking at Minerva’s business units, gross revenue was down by 17.3% in Brazil to R$3.77 billion (US$765.58 million) while Argentina had a decline of 35.9% to R$927 million (US$188.3 million). Colombia had a drop of 56.3% to R$245.3 million (US$49.83 million), Paraguay was down by 28.5% to R$947.7 million (US$192.5 million) and Uruguay was up by 29.5% to R$807 million (US$163.9 million).

Australia had no comparison in the previous financial year but was down by 6.9% on the previous quarter to R$497.6 million (US$101 million), while other countries were down by 20.8% as a whole to R$372.6 million (US$75.67 million).

Exports made up 64.4% of the company’s gross revenue in the quarter. Gross export revenue was down by 22.1% year-on-year to R$4.87 billion (US$988.95 million), while domestic revenue declined by 1.2% to R$2.69 billion (US$546.26 million).

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