Massive profit increase for JBS despite challenges

Worldwide
Published:  16 May, 2022
Credit: LADO/Shutterstock.com

The Brazilian meatpacker has announced its first quarter results, with a profit increase of 151.4% to R$5.14 billion (US$1.02 billion).

Net sales for the period were up 20.8% to R$90.8 billion (US$17.94 billion) despite global issues with transportation and Covid-19.

Beef in North America saw net revenue rise by almost 22% thanks to increased domestic demand, while beef export volumes rose by 6% from the U.S..

The company also noted that Asia continues to be a vital market for U.S. beef despite ongoing Covid-19 restrictions, and beef import volumes to China in particular increased by almost 62% in the first quarter.

Following the results, senior management at the company has asserted that lockdowns in China will not affect demand for JBS products.

Source: Reuters