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MINERVA FOODS'S FILES NET PROFIT OF R$ 94.1 MILLION IN THE THIRD QUARTER OF 2024

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Minerva Foods reported strong financial results for Q3 2024, with net profit of R$ 94.1 million. The company achieved record quarterly net revenue of R$ 8.5 billion, up 11% quarter-over-quarter and 20% year-over-year. EBITDA reached R$ 813 million with a 9.6% margin. Exports represented 60% of gross revenue, maintaining the company's leadership in South American beef exports with 20% market share. Free cash flow was R$ 667.3 million in Q3. The company completed acquisition of Marfrig South America's assets, expanding to 46 industrial units with increased daily slaughter capacity.

Minerva Foods ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un utile netto di R$ 94,1 milioni. L'azienda ha raggiunto un fatturato netto trimestrale record di R$ 8,5 miliardi, aumentando dell'11% rispetto al trimestre precedente e del 20% rispetto all'anno precedente. L'EBITDA ha raggiunto R$ 813 milioni con un margine del 9,6%. Le esportazioni hanno rappresentato il 60% del fatturato lordo, mantenendo la leadership dell'azienda nelle esportazioni di carne bovina sudamericana con una quota di mercato del 20%. Il flusso di cassa free è stato di R$ 667,3 milioni nel terzo trimestre. L'azienda ha completato l'acquisizione degli asset di Marfrig Sud America, espandendosi a 46 unità industriali con una maggiore capacità di macellazione quotidiana.

Minerva Foods reportó sólidos resultados financieros para el tercer trimestre de 2024, con una utilidad neta de R$ 94,1 millones. La empresa logró un ingreso neto trimestral récord de R$ 8,5 mil millones, un aumento del 11% respecto al trimestre anterior y del 20% en comparación con el año anterior. El EBITDA alcanzó R$ 813 millones con un margen del 9,6%. Las exportaciones representaron el 60% de los ingresos brutos, manteniendo el liderazgo de la compañía en las exportaciones de carne de res en Sudamérica con una participación de mercado del 20%. El flujo de caja libre fue de R$ 667,3 millones en el tercer trimestre. La empresa completó la adquisición de los activos de Marfrig Sudamérica, expandiéndose a 46 unidades industriales con una mayor capacidad de sacrificio diario.

미네르바 푸드(Minerva Foods)는 2024년 3분기에 강력한 재무 실적을 보고했으며, 순이익은 R$ 9410만입니다. 회사는 분기별 순매출에서 R$ 85억의 기록을 세웠으며, 이전 분기 대비 11% 및 전년 대비 20% 증가했습니다. EBITDA는 R$ 813백만에 도달했으며, 마진은 9.6%입니다. 수출은 총 매출의 60%를 차지하며, 남미 소고기 수출에서 20%의 시장 점유율로 회사를 선도하고 있습니다. 3분기 자유 현금 흐름은 R$ 667.3 백만이었습니다. 회사는 마르프리그(Marfrig) 남미 자산 인수를 완료하여 일일 도축 용량을 늘리며 46개의 산업 단위로 확장했습니다.

Minerva Foods a présenté des résultats financiers solides pour le troisième trimestre 2024, avec un bénéfice net de R$ 94,1 millions. L'entreprise a réalisé un chiffre d'affaires net trimestriel record de R$ 8,5 milliards, en hausse de 11 % par rapport au trimestre précédent et de 20 % par rapport à l'année précédente. L'EBITDA a atteint R$ 813 millions avec une marge de 9,6 %. Les exportations ont représenté 60 % du chiffre d'affaires brut, maintenant la position de leader de l'entreprise dans les exportations de viande bovine en Amérique du Sud avec une part de marché de 20 %. Le flux de trésorerie disponible était de R$ 667,3 millions au troisième trimestre. L'entreprise a terminé l'acquisition des actifs de Marfrig Amérique du Sud, s'étendant à 46 unités industrielles avec une capacité d'abattage quotidienne accrue.

Minerva Foods meldete starke Finanzzahlen für das 3. Quartal 2024, mit einem Nettoergebnis von R$ 94,1 Millionen. Das Unternehmen erzielte einen rekordverdächtigen Netto-Umsatz im Quartal von R$ 8,5 Milliarden, ein Anstieg von 11% im Vergleich zum Vorquartal und 20% im Vergleich zum Vorjahr. Das EBITDA erreichte R$ 813 Millionen mit einer Marge von 9,6%. Exporte machten 60% des Bruttoumsatzes aus und sicherten dem Unternehmen die Führungsposition bei den südamerikanischen Rindfleischexporten mit einem Marktanteil von 20%. Der freie Cashflow betrug im 3. Quartal R$ 667,3 Millionen. Das Unternehmen schloss die Übernahme von Marfrig Südamerikas Vermögenswerten ab und erweiterte sich auf 46 Industrieeinheiten mit einer erhöhten täglichen Schlachtkapazität.

Positive
  • Record quarterly net revenue of R$ 8.5 billion, up 20% YoY
  • Record EBITDA of R$ 813 million, up 14% YoY
  • Strong free cash flow of R$ 667.3 million in Q3
  • Successful acquisition of Marfrig South America assets, expanding operational capacity
  • Maintained 20% market share in South American beef exports
Negative
  • Net leverage ratio increased to 2.6x following Marfrig acquisition
  • Reduced net profit of R$ 23.2 million in last 12 months compared to quarterly profit

In the period, net revenue totaled R$ 8.5 billion and EBITDA was R$ 813 million

BARRETOS, Brazil, Nov. 6, 2024 /PRNewswire/ -- Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), a multinational food company and one of the global leaders in beef production, committed to creating connections between people, food and nature, presents its financial results for the third quarter of 2024 (3Q24) to the market. The following financial and operational information is presented in BRGAAP, in Reais (R$), per International Financial Reporting Standards (IFRS).

Consolidated gross revenue in 3Q24 was R$ 9 billion, up by 11% on 2Q24, and up by 20% year on year, with exports representing 60% of the total. In the twelve months to September 2024, gross revenue totaled R$ 31.4 billion, up by 7% on the period from October 2022 to September 2023, with exports accounting for 62%, reinforcing our leadership in beef exports in South America with a market share of approximately 20%.

Net revenue was R$ 8.5 billion in 3Q24, a quarterly record, and up by 11% on the previous quarter and up by 20% year on year. In the twelve months to September 2024, consolidated net revenue totaled R$ 29.5 billion, up by 7% year on year.

EBITDA in the third quarter of 2024 was R$ 813 million, another quarterly record, with an EBITDA margin of 9.6%, up by 14% year on year and up by 9% on the previous quarter. In the twelve months up to September 2024, EBITDA was R$ 2.8 billion, up by 9% year on year, with an EBITDA margin of 9.5%.

Net profit was R$ 94.1 million in the third quarter of 2024, and R$ 23.2 million in the last 12 months.

Free Cash Flow in 3Q24, after Financial Expenses, Capex, and Working Capital, was R$ 667.3 million and R$ 1.4 billion in the year to date. In the twelve months up to September 2024, free cash flow totaled R$ 1.6 billion, with a free cash flow yield (annualized) of approximately 40% p.a.*. Since 2018, the Company has accumulated around R$ 8 billion in free cash generation.

Net leverage at the end of September, measured using the Net Debt/EBITDA indicator for the last 12 months and adjusted for R$ 1.5 billion related to the prepayment of the acquisition of the assets of Marfrig South America, ended the quarter at 2.6x.

At the end of October, the Company completed the acquisition process of Marfrig South America's industrial and commercial establishments in Brazil, Argentina, and Chile, so increasing its operational units by 13 production plants and 1 distribution center, totaling 46 industrial units with a daily cattle slaughter capacity of 41,789 head/day and 25,716 sheep/day.

*based on the closing price BEEF3 on 09.30.2024

Sustainability
As part of its efforts to combat illegal deforestation, Minerva Foods now monitors 100% of its direct supplier farms in Uruguay, one year ahead of its Commitment to Sustainability goal.

About Minerva Foods
Minerva Foods is the largest exporter of beef in South America, and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods operates in Paraguay, Argentina, Uruguay, and Colombia, and has specialized sheep plants in Australia and Chile, totaling more than 44,000 employees. The company serves five continents with beef, lamb, and their derivatives and currently operates 46 industrial units, 17 international offices, and 23 distribution centers.

Cision View original content:https://www.prnewswire.com/news-releases/minerva-foodss-files-net-profit-of-r-94-1-million-in-the-third-quarter-of-2024--302298077.html

SOURCE Minerva Foods

FAQ

What was Minerva Foods (MRVSY) net profit in Q3 2024?

Minerva Foods reported a net profit of R$ 94.1 million in the third quarter of 2024.

How much did Minerva Foods (MRVSY) revenue grow in Q3 2024?

Minerva Foods' net revenue grew 20% year-over-year and 11% quarter-over-quarter to R$ 8.5 billion in Q3 2024.

What was Minerva Foods (MRVSY) EBITDA margin in Q3 2024?

Minerva Foods achieved an EBITDA margin of 9.6% in Q3 2024, with EBITDA reaching R$ 813 million.

How many production facilities does Minerva Foods (MRVSY) now operate after the Marfrig acquisition?

After acquiring Marfrig South America's assets, Minerva Foods operates 46 industrial units with a daily cattle slaughter capacity of 41,789 head/day.

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