JBS reports the highest quarterly net revenue in its history
"The performance was possible thanks to the continued strength and resilience of our globally diversified multiprotein platform, which has mitigated the natural cycles in our business and maintained healthy cash generation, allowing the company to reinvest in its growth and generate returns for shareholders in the short term", highlights Gilberto Tomazoni, Global CEO of JBS.
In the first nine months of the year, the Company's global revenue reached R$ 281.9 billion. This resilience is shown even in the face of a globally challenging scenario, with reduced demand in important regions as a result of lower disposable income, impacted by high inflation.
"Our poultry business in Brazil and the US exceeded expectations with strong growth in exports to Asia and the Middle East, with an emphasis on convenience and strengthening relationships with key customers in each market. As the US beef business moves towards the normalization of the margin, we believe in a strengthening of the segment in the Brazilian and Australian markets", says Tomazoni.
Pilgrim's Pride continued to show a relevant growth rate, with net revenue of R$23.4 billion in the third quarter of 2022, especially driven by the increase in North American retail demand for value-added products and fast-delivery ready meals. The business margin in the period reached 12.6%.
At Seara, the margin reached 15.1%, supported by the strength of the foreign market, which led the company to consolidate itself as the largest poultry exporter in Brazil in the year and quarter. Highlight for the strong growth of the poultry segment in the period, with expansion of 12.5% in volumes, in the annual comparison. In Brazil, according to Kantar, the Seara brand presented record penetration of households, while repeat purchases continue to grow. Thus, in the third quarter of 2022, the company recorded net revenue of R$ 11.8 billion, a growth of 10.2% in the quarterly comparison.
JBS Brasil, which brings together the beef business in the country, reached R$ 16.2 billion in net revenue, a growth of 15.1% compared to the revenue obtained in the second quarter of 2022, with a margin of 5.1 % This evolution is due to the improvement in the general conditions of the business in the country, with greater availability of raw materials and the result of actions to retain key customers for the business, especially through the Friboi+ program, which grew 42% in volume sold in the quarter.
At JBS Australia, there was an increase of 6% in net revenue compared to the second quarter, to R$8.7 billion, with an EBITDA margin of 5.6%. The availability of cattle is starting to show signs of improvement and the trend is for the turn of the cycle to occur in 2023. In addition, Huon Aquaculture has been performing above expectations for the business, with consistent double-digit margins and ample room for growth through JBS's know-how in the region's retail.
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