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