JBS SA posts strong second quarter results

Brazil
Published:  16 August, 2019
JBS headquarters

The world’s largest meatpacker has reported a net income of BRL2.184 billion (US$539 million) in its second quarter, boosted by exports to Asia, which has been affected by an outbreak of African swine fever.

The São Paulo-based company’s earnings before interest, tax, depreciation and amortization (EBITDA) totalled BRL5.099 billion (US$1.28 billion), an all-time record and above analysts’ expectations of BRL4.535 billion (US$1.14 billion). JBS said net revenues grew by 12.5% in the quarter to BRL50.8 billion (US$ 12.73 billion).

“The global protein market is expanding at an annual 2% as the world’s population is growing. The outbreak of African swine fever in many countries has contributed to a rise in exports and represents an opportunity to grow our business,” the company, which produces meat across four continents, said in its earnings statement.

In North America and Australia, two important markets for the group, the beef business stayed strong, driven by local demand and higher export volumes. JBS Couros is the hides and leather division of JBS SA and is the largest hide processor in the world.

Source: Reuters