JBS reports US$82.8B in net revenue for year FY2024

BRAZIL – JBS S.A. has announced that its net revenue for the year reached US$82.8 billion (R$417 billion), reflecting a 15% increase from 2023.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled from the previous year, hitting US$7.76 billion (R$39 billion) with a 9.4% profit margin.

The company also cut its debt ratio significantly, lowering its leverage from 4.42 times EBITDA to 1.89 times in US dollars.

JBS attributed its performance to its diversified operations, which include multiple proteins, global markets, well-known brands, and higher-value products.

It also credited its 280,000 employees worldwide, emphasizing operational management and adaptability as key factors in maintaining steady results despite market fluctuations.

The financial update comes as JBS advances its efforts to list on the New York Stock Exchange (NYSE), a move that could influence multiple industries, particularly pork production.

If successful, the listing could provide JBS with additional capital to expand its pork processing facilities in the U.S., improving production capacity and efficiency.

A stronger financial position could also help JBS compete more directly with established American pork processors such as Tyson Foods, Smithfield Foods, and Seaboard Foods.

In addition, the company may look to build stronger relationships with U.S. hog producers to increase its exports and develop more value-added pork products.

NYSE ambitions move forward

JBS’s plans for a U.S. stock market debut gained momentum after reaching an agreement with BNDESPar, its second-largest shareholder.

BNDESPar, which is part of Brazil’s state-run development bank, has decided not to oppose the proposed dual listing, removing a major obstacle to the company’s initial public offering (IPO).

Following the announcement, JBS shares surged by 15% on the São Paulo stock exchange, marking their largest jump in five years.

The company has been working with the U.S. Securities and Exchange Commission (SEC) on regulatory steps, including trading its debt notes, as part of its broader strategy to enter Wall Street.

Analysts expect JBS to submit a revised IPO application to the SEC after its next earnings report, bringing it one step closer to a dual listing.

If approved, JBS would become the first major Brazilian food company to trade publicly in both Brazil and the U.S.

The company is expected to file updated documents with the SEC in the coming months, which could determine the timeline for its stock market debut.

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