Net income falls for JBS in second quarter

Brazil
Published:  15 August, 2022
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Brazilian meatpacker JBS SA has reported its financial results for the second quarter of the 2022 financial year.

The company achieved net revenue of R$92.2 billion (US$18.06 billion), an increase of 7.7% year-on-year. Meanwhile, net income for the period was R$4 billion (US$783.67 million), falling by 9.8% year-on-year.

Notable results within the group include JBS Beef North America, which achieved net revenue of R$27.1 billion (US$5.31 billion), falling 4.6%. JBS Australia brought in net revenue of R$8.2 billion (US$1.61 billion), up 22.5% year-on-year. SEARA achieved net revenue of R$10.7 billion (US$2.1 billion), up 19.5%, and JBS Brasil reports net revenue of R$14.1 billion (US$2.76 billion), up 10.8%.

During the quarter, JBS highlighted that it expanded a partnership with the Initiative for Sustainable Trade (IDH) for the traceability of sustainable calf production in Brazil, with the goal to reach a million animals recorded by 2025.

Global CEO Gilberto Tomazoni said: “We ended the second quarter of 2022 with consistent results. We delivered strong growth in net revenue and maintained our double-digit margin. The value of JBS' global platform, based on our multi-protein, multi-geography strategy, has proved effective.

“As the U.S. beef business is in the process of normalising margins, the North American and Brazilian poultry businesses are strong, with the Brazilian and Australian beef businesses starting a positive cycle. This unique portfolio combination has brought stability to our overall results, even as we operate in business segments that can individually be more volatile.”