The company noted that this result was primarily affected by performance in South America, driven by lower sales volumes and international prices.

Revenue for South America was down by 27.4% to R$5.4 billion (US$1.11 billion), which Marfrig attributed to a 28.8% drop in export prices. Sales volume in this region fell by 1.6% to 377,000 tons. Exports represented 50% of South American revenue, against 65% in the same period of 2022, and 50% of exports went to China and Hong Kong (compared to 81% in Q3 2022).

The North American business had revenue growth of 18.6% to US$3.38 billion, a record quarterly result for the company and driven by higher sales volumes and a 12.9% increase in prices (primarily in the domestic market). North American sales volumes were up by 6.9% to 534,000 tons, 86% of which was sold domestically.

BRF, data for which was available from the second quarter of 2022, had a revenue decline of 1.6% in the third quarter of 2023 to R$13.8 billion (US$2.84 billion) while sales volume grew by 4.6% to 1.24 million tons.

Gross profit for the third quarter was down by 26.6% to R$3.95 billion (US$812.3 million), while the net result for the period was a loss of R$111.7 million (US$22.97 million).