BRF reports US$149.33M profit for Q4 FY24
BRAZIL – Brazilian meat processor BRF, the world’s largest chicken exporter, has reported a significant increase in net profit for the fourth quarter of 2024, reaching US$149.33 million (868 million reais).
This is a 15% rise compared to the same period in the previous year.
The company’s annual profit jumps by 297.5% to US$637.25 million (3.7 billion reais), with earnings before interest, tax, depreciation, and amortization (EBITDA) increasing 155% to US$1.81 billion (10.5 billion reais), marking the highest figures in BRF’s history.
CEO Miguel Gularte states that BRF ends the year in a strong financial position and anticipates favorable conditions for 2025, citing the company’s readiness to capitalize on emerging opportunities.
BRF’s EBITDA for the fourth quarter reaches US$498.14 million (2.8 billion reais), up 47% from the same period in 2023, with management attributing the growth to the company’s ability to manage rising corn costs.
The company secured 84 new export authorizations in 2024, bringing its total approvals since 2022 to 175.
BRF sees record profitability in international markets, with executives crediting market diversification and a higher share of processed products in its portfolio.
Performance remains strong in the Gulf region and Turkey, where BRF holds market shares of 37.5% and 26%, respectively.
In Brazil, demand for processed food contributes to a rise in sales volumes, which the company links to improvements in the country’s labor market.
Investment in China and Saudi Arabia
In November 2024, BRF acquired a processing facility in Henan, China, marking its first industrial operation in the region.
The investment, totaling US$92 million, included the purchase of the plant, infrastructure improvements, and plans to double production capacity from 30,000 to 60,000 metric tons per year.
Operations at the facility were expected to begin in early 2025, with approximately 850 new jobs created as part of the expansion.
That same month, BRF announced a partnership with the Halal Products Development Company (HPDC), a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), to invest in Saudi Arabia’s Addoha Poultry Company.
The joint venture, BRF Arabia, involved a US$84.3 million (SAR 316.2 million) capital injection aimed at expanding poultry production to meet the growing demand for halal-certified products in the country.
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