One of the largest beef companies in the world with operations in several continents presented its financial results for the first quarter of 2022. Brazil's Marfrig net revenue was 22.3 billion reais, up 29.6% year-on-year. Adjusted Ebitda reached 2.7 billion reais in 1Q22, up 60.9%, and the adjusted Ebitda margin was 12.3%.
Brazil's global meat processor, Marfrig has purchased land to build a major abattoir in Paraguay. Landlocked Paraguay is a full member of Mercosur, who together with partners Argentina, Brazil and Uruguay, has become the world's leading meat export region.
Two months after China said it found residues of Covid-19 in a batch of chicken wings imported from Brazil, Beijing authorities repeated the announcement, but this time in relation to Brazilian beef. Apparently, traces of Covid-19 were detected in beef packaging during an inspection carried out at the Port of Dalian, one of the largest in the country.
Brazilian meatpacker Marfrig has elected a new chief executive officer and plans to buy back up to 5.91 million of its own shares, it said in two separate securities filings.
Brazilian beef' packer Marfrig Global Foods SA said it is in the process of hiring 400 people to work at its Promissão plant in the state of São Paulo as Chinese demand warrants an increase in meat production.
The Russian veterinary and phytosanitary service, Rosselkhoznadzor, temporarily suspended imports from two Brazilian beef slaughterhouses and one poultry processing facility on May 17, citing detection of listeria in shipments, according to processors involved.
Brazil’s food giant Marfrig and the second largest in beef provision, is increasing the use of its installed capacity to address the growing domestic demand according to Joao Sampaio, deputy chief Marfrig’s investors relations.
A slump the Brazilian currency Real landed Marfrig deeper in the red despite an improved operating result, lifted by takeovers and better tailoring its beef operations to a shortage of cattle.
Credit ratings agency Moody's changed its outlook for Brazilian meat processor Marfrig from stable to negative, citing what it feels is a deterioration in Marfrig's credit viability due to strong competition in the Brazilian protein sector in recent months, higher commodity prices, a global economic slowdown and currency volatility.
After a string of takeovers in recent years, Brazilian meatpacker Marfrig Alimentos SA said on Sunday it reached a deal to sell the logistics arm acquired when it bought US distributor Keystone Foods.