JBS has come through 2017 “stronger and more united”, founder says
29/03/2018
Revenues reached $51.5 billion in 2017, a decline of around 6.4% (in dollar terms) compared to 2016. Earnings before deductions, however, were up by 18.9% to $4.2 billion.
The JBS Brazil business unit, which includes leather manufacturing division JBS Couros, had revenues of $7.4 billion in 2017, which the group said was down by 16.9% compared to 2016. It said the decline was a reflection of its having sold its operations in Argentina, Uruguay and Paraguay and of a substantial reduction in the volume of cattle that went to slaughter in Brazil last year; JBS said the number for 2017 was 14% lower than the corresponding figure for 2016.
A series of scandals last year implicated the company and some of its most senior people in bribery, corruption and insider trading, the effects of which are still being felt. As a result, the group’s debt stands at $14.3 billion, 24% of which is short-term debt.
Founder, José Batista Sobrinho, who returned as chief executive in September, said on announcing the results that JBS (the group’s name is his initials) had been going for 65 years and had had to overcome challenges each and every day. He added: “We’ve come out of 2017 stronger and more united. I’m very proud of what we are building here and confident about our future.”
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