BRF swings back to quarterly profit
Revenue up by double digits
15 November 2024
1 minute read
By: Brazilian pork and chicken processor BRF posted on Wednesday a 1.1 billion real ($189.5 million) net profit for the third quarter, following a 262 million real loss for the same period last year, reported Reuters.
Analysts expected a 1.3 billion real net profit for the July-to-September period.
BRF is one of the world's largest pork and chicken processors.
The company's core profits, or adjusted earnings before, interest, taxes, depreciation and amortization (EBITDA), came in at 3 billion reais, up nearly 150% year-on-year and almost in line with the 2.9 billion reais expected by analysts polled by LSEG.
Adjusted EBITDA margins rose to 19% from nearly 9%.
Net revenue increased some 12% to 15.5 billion reais, with its key Brazilian business rising more than 10%.
"The rising numbers are driven by efficiency gains, expansion of export destinations and growth in the share of processed products in (total) sales," said Chief Executive Officer Miguel Gularte in a statement.
($1 = 5.8061 reais)
