Marfrig Global Foods reports US$15.7M third quarter income

BRAZIL – Marfrig Global Foods, a leading global food processing company based in São Paulo, Brazil, has reported its financial and operational performance for the third quarter of 2024. 

The company announced a net income of US$15.7 million and highlighted a 60.4% increase in its EBITDA margin compared to the same period last year. 

These results reflect its strategy of establishing a diversified production platform that spans multiple proteins and geographies.

Marfrig also detailed advancements in its environmental, social, and governance (ESG) initiatives under its Green+ program. 

By September 2024, the company achieved full satellite monitoring of its direct suppliers and extended monitoring to 89% of indirect suppliers in the Amazon region and 76% in the Cerrado.

In parallel, Marfrig has undergone significant changes in its operations. 

This is after Minerva Foods, another key player in South America’s beef export market, has finalized the acquisition of Marfrig’s assets in Brazil. 

This transaction, approved by Brazil’s antitrust authority CADE, includes 13 cattle and sheep slaughter and deboning facilities, along with a distribution center.

With these assets, Minerva Foods now operates 21 plants in Brazil with a daily processing capacity of 22,336 cattle. 

The acquisition also involves facilities outside Brazil, including a cattle processing plant in Argentina and a lamb processing plant in Chile. 

Minerva’s Argentine operations now process 5,978 cattle daily across six facilities, while lamb operations handle 25,716 head per day at plants in Australia and Chile.

This expansion positions Minerva Foods as a significant supplier to international markets, including North America, Europe, the Middle East, and Asia. 

The company has particularly strengthened its foothold in China, holding the largest number of authorized plants for beef exports to the country.

Marfrig continues its operations across 33 production units in North and South America, with a presence in 22 countries and exports to over 100 markets. 

Its product range spans animal proteins such as beef, lamb, poultry, and pork, as well as plant-based foods and processed items including sauces and frozen vegetables.

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