BRAZIL – Brazil-based meat and poultry giant BRF has posted its most successful second quarter ever, as announced by CEO Miguel Gularte on August 14, 2024.
The company revealed significant financial growth, marking the sixth consecutive quarter of increased profitability.
In the second quarter of fiscal year 2024, BRF achieved a 17.6% profit margin, a revenue surge of 22.3%, and Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) totaling BRL2.6 billion (approximately US$480 million).
This represented a nearly 520% increase compared to the same period in the previous fiscal year.
The Brazil segment of BRF’s operations saw particularly strong results, with a 71.6% year-on-year rise in adjusted EBITDA.
The company also reported a 5.8% increase in net operating revenues and a 47.9% boost in gross profit.
BRF’s management highlighted a broad increase in sales volume across all its product categories, with processed food items experiencing the highest growth.
The quarter saw the company add 10,400 new points of sale, bringing its total customer base to 302,000.
Economic conditions in Brazil, including high employment levels and a 5.8% year-over-year rise in average disposable income, contributed to a more favorable food consumption environment during the quarter.
BRF’s international operations also demonstrated significant progress.
The company reported a 516.2% jump in adjusted EBITDA, alongside a 16.8% rise in net operating revenues and a 29.1% increase in gross profit.
These gains were partly driven by BRF securing 32 new export authorizations during the quarter.
Moreover, BRF noted growth in its halal processed food products, which played a crucial role in optimizing production at its facilities in Damman, Saudi Arabia, and Kezad, United Arab Emirates.
The company, which ranks as the world’s third-largest poultry producer, processed 1.67 billion chickens in 2023.
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