October 22, 2021

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Meat giant JBS made higher profits than 2020 profits in the first semester by EFE

© Reuters. Meat giant JBS made higher profits than 2020 in the first half

Rio de Janeiro, August 11 (EFE). – The Brazilian multinational JBS, the second largest food company in the world, reported on Wednesday that in the first half of 2021 it obtained a net profit of 6,428 million reais (1,259.6 million Brazilian reais). in dollars), a value higher than all of last year’s earnings.

The Brazilian giant, one of the world’s largest meat producers and exporters, made a profit of 4,598 million reais ($901.6 million) in 2020, 24.4% less than the record for 2019, affected by losses from the coronavirus-19 pandemic.

Profits for the first six months of 2021 allowed JBS to reverse its 2,553.8 million riyals ($500.7 million) losses in the first half of last year, when it felt the biggest impact of the pandemic.

According to the financial balance issued on Wednesday, the multinational company obtained in the second quarter of this year a record net profit of 4382.5 million riyals ($859.3 million), an increase of 29.7% over the same period last year.

This is the company’s highest profit for the same quarter in its entire history.

The second-quarter profit was 114.2% higher than the first three months of the year.

The Brazilian multinational has about 400 processing units for beef, pork, sheep and chicken in 15 countries, including Brazil, the United States, Canada, the United Kingdom, Australia and China.

Its brands include Swift, Friboi, Seara, Maturatta, Cabaña Las Lilas, Pilgrim’s Pride, Gold Kist Farms, Pierce, 1855, Moy Park and Big Frango among others.

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In the second quarter, the company recorded a total profit of 85626.9 million Omani riyals ($16,789.6 million), a growth of 26.7% compared to the same period last year and 13.8% for the first three months of 2021.

Adjusted Ebitda (operating result) in the second quarter amounted to 11706.2 million riyals ($2295.3 million), an increase of 10.3% from the period between April and June of last year and 70.2% higher than in January and March of this year.

The company reported in a statement to the market that a good result until June 30 will allow it to expect a dividend distribution to its shareholders by August 24 for 2,510.9 million riyals ($492.3 million), real per share.

The global head of JBS, Gilberto Tomazoni, highlighted in a letter to shareholders that the result for the second quarter of this year was higher than the results for the same period in 2020, “which was already historic.”

The executive said that this result was primarily driven by good market conditions in North America, which “boosted the cow trade.”

“Our long-term strategy can be seen in our investments to diversify the portfolio geographically. We have prioritized investing in higher value-added products, such as accelerating the expansion of the Seara brand in Brazil and the new specialized Italian plant . . in the United States.”

He also cited investments demonstrating this strategy in the acquisition of Kerry Consumer Food in the UK and Rivalea in Australia, as well as in the diversification of proteins, such as “vegetarian farmed and aquaculture”, with the purchase of Vivera in Europe, Plantera in the US, and Hon in Australia.

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The company stated that despite these high investments, the company’s total debt increased by only 0.7%, from $14,096.6 million in June 2020 to $14,200.3 million in June of this year.