The company reported R$13.41 billion (US$2.7 billion) in revenue in North America alone, down by 15.5%, with R$5.22 billion (US$1.05 billion) in South America (down 19.2%) and BRF accounting for R$13.12 billion (US$2.64 billion) of revenue.

Marfrig noted that, with approval from the new Board of Directors of BRF S.A., nominated by Marfrig, it has control of BRF from April 1, 2022. While the quarterly results include BRF’s financial results, there is no comparative data available.

Marfrig reported a net loss of R$634 million (US$127.64 million) in the first quarter of 2023, up from a loss of R$628 million (US$126.43 million) in the final quarter of 2022 and down from a profit of R$109 million (US$21.94 million) in the first quarter of 2021.

The company registered a consolidated total sales result of 1.99 million tons in the quarter, up by 129.5% over Q1 of 2022 with 1.28 million tons in the domestic market and 715.8 million tons in exports, up by 90.8% and 260% respectively.

Marcos Antonio Molina dos Santos, Chairman of the Board, said: “Our geographically diversified operations, our high value-added portfolio and our experienced team of executives, combined, were crucial for delivering the excellent results in the first three months of 2023.

“Traditionally, due to seasonal reasons, the first quarter of the year is the most challenging for North America operations in terms of both the supply of animals and demand for beef. Nevertheless, we delivered satisfactory margins, which outperformed the market average, thanks to a well-structured and more resilient business model.

“In our South America operation, despite a month without sales to China as Brazil voluntarily suspended exports due to a public health issue, sales grew in relation to the same period last year and hence our margin was similar to that in Q4, 2022.”