Minerva Foods has reported its financial results for the third quarter of the 2024 fiscal year, when net revenue was up 20.3% to R$8.5 billion (US$1.47 billion). By ILM.

The company reported a total slaughter of 1.1 million head of cattle for the period, growing 16.9% year-on-year, while sales volume was up 15.2% to 384,400 metric tons.

EBITDA for the period came in at R$813 million (US$140.38 million), growing 13.9% with a margin of 9.6%. Net income dropped 33.3% in the quarter to R$94.1 million (US$16.25 million).

Gross revenue for the Brazilian segment of the business was R$4.33 billion (US$747.66 million) in the quarter, up 15.1%, while sales volume was up 8% to 192,000 metric tons. Argentina grew by 16.5% in revenue to R$1.08 billion (US$186.48 million) and had sales volume growth of 3.8% to 42,600 metric tons. Meanwhile, Colombia was up 54.8% in revenue to R$379.8 million (US$65.58 million) and 179.2% in volume to 26,000 metric tons.

Paraguay saw a revenue improvement of 41% to R$1.34 billion (US$231.38 million), while sales volume grew 11.2% 57,100 metric tons. Uruguay grew by 9.3% in revenue to R$882.1 million (US$152.3 million), but sales volume dropped 3% to 35,400 metric tons. Finally, Australia was up 23.5% in revenue to R$614.6 million (US$106.12 million) and 81.3% in volume to 31,300 metric tons.

Minerva notably completed its acquisition of Marfrig assets in South America at the beginning of November.

CEO Fernando Galletti de Queiroz said: “We closed the third quarter optimistic about the prospects for the end