Minerva Foods ended the fourth quarter of 2023 with a profit of BRL 19.8 million

The company’s EBITDA remained practically stable, while revenue declined by 9.8%.

Minerva Foods, the largest exporter of beef in South America, ended the fourth quarter of 2023 with a net profit of BRL 19.8 million, compared to a net loss of BRL 25.7 million in the same period of 2022. In the same comparison, the earnings before interest, taxes, depreciation, and amortization (EBITDA) saw a slight decrease of 0.3%, to BRL 605.9 million, and the company’s net revenue fell by 9.8%, to BRL 6.166 billion. The decrease in revenue largely reflected the decline in the prices of cattle and meat, including cuts destined for the foreign market.

For the entire past year, Minerva’s net profit decreased by 39.6% compared to 2022, to BRL 395.5 million, EBITDA saw a reduction of 9.7%, to BRL 2.563 billion, and net revenue was 13.2% lower (BRL 26.892 billion). The company highlighted in a statement that in 2023, its recurrent free cash flow, adjusted for acquisitions – of the Australian ALC, in the lamb segment, and of the Uruguayan BPU, in beef – totaled BRL 535.7 million, and that since 2018, it has accumulated BRL 6.5 billion in this front.

“Net leverage at the end of 2023, measured by the net debt/EBITDA ratio of the last 12 months, ended the [fourth] quarter at 2.8x, adjusted by the pro-forma EBITDA of BPU and also by the amount of BRL 1.5 billion disbursed, related to the initial payment for the acquisition of the assets of Marfrig South America,” Minerva reported. In 2023, exports accounted for 65% of the company’s gross revenue (BRL 28.643 billion, a decrease of 12.9%). Minerva operates in Brazil, Argentina, Colombia, Paraguay, Uruguay, and Australia.

Translated from: Infomoney.