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Minerva Foods sales fell 14% annually

Minerva Foods sales fell 14% annually

The multinational registered gross income of 166 million dollars in the country, 7.7% more compared to the last quarter.

Photo: Agribusiness

One of the largest refrigerators installed in Uruguay, Minerva Foodsregistered an annual loss in the country of 14%, while, compared to the last quarter of 2022, there was a rise on 7.7%.

This Tuesday the multinational Minerva Foods published its quarterly report where it establishes that the company’s gross income was $166.9 million – 828.2 million reais – during the first quarter, 14% compared to the same period last year. However, according to the specialized media Blasina y Asociados – if compared to the last quarter of 2022, it obtained an improvement of 7.7% since gross income was $154.9 million, about 768.8 million reais.

As for the turnoverin Uruguay there was a drop in 4.6% year-on-year since it went from 36,400 tons to 34,000 this first quarter of the year. For its part, what has to do with the task was carried out 112,566 in the three plants of Minerva installed in Uruguay, being pul the one with the greatest slaughter with 43,382, carrasco with 39,315 and cannelloni the one with the least slaughter with 29,869 head of cattle. These data are similar to those of last year where 112,162 cattle were slaughtered.

Exports, for their part, were affected by the price and went from 28,677 tons in the first quarter of last year to 26,351 tons. Regarding its balance sheet, taking into account all the countries where it has plants – Brazil, Uruguay, Argentina, Colombia, Paraguay and Australia – posted a net profit of $22.8 million, down 0.5% from the same period last year. These numbers were obtained even with the interruption of shipments of Brazilian meat from China due to the case of the mad cow, which was partly taken care of by Uruguay.

His latest acquisition in Uruguay

In February, Minerva Foods confirmed the purchase of the refrigerator Breeders and Packers Uruguay (BPU) by 40 million dollars. With the acquisition of the plant, which has a slaughter capacity of 3,700 heads per day, the Brazilian company will keep 24.6% of the market.

Currently, Minerva has a share of 18.3% of the national total of cattle slaughtered: Canelones represents 6.7%, PUL 6.3%, and Carrasco completes with 5.3%. BPU MeatFor its part, it will contribute a stake of another 6.3% to the multinational.

Before confirming the investment, the Brazilian multinational signed an exclusivity agreement with the Japanese firm, NH Foods, to negotiate the purchase of the refrigerator located in Peach, which was done online to “maximize geographic diversification” of Minerva. In 2017, NH Foods bought the BPU refrigerator for 135 million dollars, which meant a record for the Uruguayan meat industry.

Source: Ambito

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