Net income down almost 50% for JBS in Q3

Worldwide
Published:  14 November, 2022
Credit: Ralf Liebhold/Shutterstock.com

Brazilian meatpacker JBS has announced its financial results for the third quarter of 2022, with net income down by almost 50%.

Net revenue for the period came in at R$98.9 billion (US$18.57 billion), an increase of 6.8% year-on-year. However, despite this positive result, the company reported an adjusted EBITDA of R$9.5 billion (US$1.78 billion), down 31.5%, and net income of R$4 billion (US$751 million), a drop of 47.1% from the same period in 2021.

Looking at some of the key business units, JBS Beef North America reported net revenue of R$29.2 billion (US$5.48 billion), down 4.8% year-on-year, and an adjusted EBITDA of R$2.5 billion (US$469.4 million), down 67.5%.

Meanwhile, JBS Australia brought in net revenue of R$8.7 billion (US$1.63 billion), up by 19.5% year-on-year, and achieved adjusted EBITDA of R$493.4 million (US$92.65 million), down 23.8%. SEARA reported net revenue of R$11.8 billion (US$2.2 billion), up 22.3%, and adjusted EBITDA of R$1.8 billion (US$338 million), up 80.9%.

Gilberto Tomazoni, Global CEO of JBS, said: “The third quarter of 2022 marked a period of solid results and further sustainable evolution towards our global Net Zero 2040 goal. Against a backdrop of higher operational costs and economically challenging environments in different business segments, we exceeded our sales in the period and recorded the highest quarterly net revenue in our history. We did all this while continuing to expand our operations.”

At the time of writing, US$1 = R$5.33 (Brazilian real).