Marfrig Returned to Profit in 2009

BRAZIL - In its report for the last quarter of last year and 2009, Marfrig reports a net annual income of BRR679.1 million in 2009, against BRR35.5 million loss in 2008.
calendar icon 6 April 2010
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On 31 March, Marfrig Alimentos S.A., a food producer with a highly diversified meat operating base, announced its results for fiscal year 2009 and fourth quarter of 2009 (4Q09).

2009 highlights

Gross revenue totalled 10.3 million real (BRR), 51.7 per cent higher than the BRR6.8 billion recorded in 2008, while net revenue totalled BRR9.6 billion in 2009, 55.0 per cent higher than the BRR6.2 billion recorded in 2008.

EBITDA was BRR819.5 million in 2009, down 7.3 per cent from 2008 (BRR 884.4 million), impacted by the financial crisis and the depreciation in the US dollar against other currencies. EBITDA margin was 8.5 per cent in the year, down 580 basis points from 14.3 per cent in 2008.

The Company recorded net income of BRR679.1 million, compared with a net loss of BRR35.5 million in 2008.

In line with its diversification strategy, Marfrig entered the turkey meat market and consolidated its positions as one of the food companies with the most diversified animal protein base. The acquisition of Seara expanded the potential for processed food production in Brazil and consolidated Marfrig as the second-largest player in the domestic and export market for poultry and pork and as one of world's largest food companies. It also gained the Seara brand, which enjoys national recognition in value-added processed products.

The leasing of 13 beef plants in Brazil, expanding the Group's cattle slaughter capacity to 22,350 head per day in Brazil and to 30,150 head per day for the Group overall.

The acquisition of 51.0 per cent of Grupo Zenda in Uruguay, which is engaged in the manufacture and marketing of cut leather for the automotive, aviation and furniture industries, resulted in a more vertical orientation and added value to the beef operations.

ISO 22000 certification was achieved at the four plants in the Argentina Division, Quickfood.

Further Reading

- You can view the full report by clicking here.
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