South American meatpacker Minerva Foods has announced its financial results for the fourth quarter and full 2024 fiscal year, with a record-breaking performance. By ILM.

Net revenue in 4Q24 hit R$10.7 billion (US$1.88 billion), marking a 74% increase from 4Q23 and a 26% rise from the previous quarter. Full-year net revenue totalled R$34.1 billion (US$6 billion), reflecting a 27% year-over-year increase.

Consolidated gross revenue for 4Q24 stood at R$11.4 billion (US$2 billion), representing a 76% increase compared to the same period in 2023 and a 27% rise from the previous quarter. In 2024, gross revenue reached R$36.3 billion (US$6.39 billion), up 27% from 2023. Exports accounted for 58% of the total.

The United States and China were major destinations for Minerva Foods’ exports, contributing 33% and 20%, respectively, to total exports from South America in the fourth quarter.

The company reported an all-time high EBITDA of R$943.7 million (US$166.13 million) in the fourth quarter, with an EBITDA margin of 8.8%. This reflects a 56% increase from 4Q23 and a 16% rise from the previous quarter. On a full-year basis, EBITDA totalled R$3.1 billion (US$545.73 million) with a margin of 9.2%.

In October 2024, Minerva Foods completed the acquisition of ten industrial and commercial facilities in Brazil, Argentina and Chile from rival Marfrig. This expansion added 13 production plants and one distribution centre, bringing the company’s total to 46 industrial units and its daily processing capacity to 41,789 cattle and 25,716 sheep.