Exports to China help Marfrig achieve best Q1 ever
Brazilian meat and leather group Marfrig has announced revenues for the first quarter of this year of $2.2 billion, an increase of 26.6% compared to the same quarter in 2019.
Its pre-tax earnings on this amount were just under $210 million. The company said this was the best first quarter in its history.
Chief executive of its South American operations, Miguel Gularte, said that having more plants than any other group with clearance to export beef to China has made a big difference to Marfrig.
He said that exports had contributed 45% of total revenues in the first quarter last year, but that in 2020 this had risen to 65%. “This has made an enormous difference,” Mr Gularte added. “As soon as China began to put the coronavirus crisis behind it, we were able to benefit.”
