Marfrig 2010 consolidated net income down, sales up
March 31, 2011
by Meat&Poultry Staff
SÃO PAULO, Brazil – Marfrig Alimentos S.A. announced for the full-year 2010 ending Dec. 31, 2010, consolidated FY2010 net income reached R$146.1 million (US$88.7 million), down by 72.7% compared to FY2009. On a pro-forma basis, net profit achieved R$259.1 million (US$157.3 million) in FY2010, a 44% growth when compared to consolidated pro forma net income of R$179.9 million (US$109.2 million) in FY2009.
Consolidated FY2010 net revenues reached R$15.9 billion (US$9.7 billion), up 65% from R$ 9.6 billion (US$5.8 billion)in FY2009; consolidated EBITDA of R$1.5 billion (US$0.91 billion) was up 107.2% from R$725 million (US$440 million) in FY2009; and its EBITDA margin continued to improve, increasing to 9.5% in FY2010 from 7.5% in FY2009;
Brazilian beef production increased 69.2% to 2.65 million head from 1.57 million. In Brazil and Europe, chicken increased 96.5% to 838.5 million head from 426.7 million head, while pork increased 164.4% to 2.6 million from 992.7 thousand and turkey increased 181% to 5.99 million from 2.13 million.
According to SECEX (Foreign Trade Secretariat of the Ministry of Development, Industry and Foreign Trade), Marfrig became the second-largest chicken and pork exporter in Brazil during the year. In Brazil, Marfrig also became the second largest provider of processed and specialty pork and poultry-derived products.
"The acquisition of Keystone and SEARA have made Marfrig one of the world's biggest global food processors with operations in 22 countries and five continents, providing meats, poultry and leather to millions of consumers every year," said Marcos Antonio Molina dos Santos, chairman and CEO of Marfrig Group. "In 2010, we worked hard to strengthen our global platform, grow revenues and build customer value despite challenging commodity prices and difficult global macroeconomic conditions.
“Our goal in 2011 is to continue to deliver operational results while capitalizing on significant growth opportunities that exist across the Marfrig supply chain,” he added. “This includes launching new SEARA products in Brazil, Argentina, Uruguay and Europe, whilst finding cost savings opportunities, improving our debt profile and creating value to our shareholders in 2011."
Marfrig Alimentos S.A. is one of the largest global food companies. Distribution segments include beef products, pork, lamb, and poultry, and other food products. Marfrig is the largest producer of lamb in South America, the largest meat company in Argentina, the biggest poultry producer in the UK and the top private-sector company in Uruguay and in Northern Ireland.