Brazilian protein group Marfrig today (1 April) booked a rise in earnings for 2010, which were boosted by acquisitions and increased sales across all product segments.
The company said that consolidated net revenues rose by 14.2% to BRL20.6bn for the 12 months to 31 December. Sales were booksted by “strong rapid gains” at its Brazilian beef business and the contribution of its Keystone and Seara acquisitions, chairman and CEO Antonio Molina dos Santos said.
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“The acquisition of Keystone and Seara have made Marfrig one of the world’s biggest global food processors with operations in 22 countries and five continents, providing meats, poultry and leather to millions of consumers every year,” Molina dos Santos said.
“In 2010, we worked hard to strengthen our global platform, grow revenues and build customer value despite challenging commodity prices and difficult global macroeconomic conditions,” he added.
Production rose across all of the group’s segments – with Brazilian beef production up 69.2%, chicken in Brazil and Europe up 96.5% while total pork production jumped 164.4%.
Increased sales and operational efficiencies – particularly at its plants in Brazil – allowed the group to offset higher commodity input costs, Marfrig revealed. EBITDA margin rose to 8.9% in 2010 from 4.5% in FY2009, while EBITDA jumped 127.4% to BRL1.7bn.
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By GlobalDataLooking to the coming year, Molina dos Santos said that Marfrig aimed to capitalise on “significant growth opportunities that exist across the Marfrig supply chain”.
