Brazilian meat and poultry processor BRF closed fiscal year 2013 with net profit of BRL1.1 billion (US$474 million), a 38 percent improvement over 2012. BRF's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for 2013 totaled BRL 3.6 billion (US$1.55 billion), an increase of 35.3 percent, with an EBITDA margin improvement achieving 11.9 percent, compared with 9.4 percent last year.
The strong financial performance for 2013 reflects sustainable work done in 2013 involving major changes for the company. The new development cycle of BRF focuses on customers and consumers, but is aimed at improved efficiency long-term results. That focus, the company stated, has allowed the free cash flow to grow 10 times, going from BRL115 million (US$49.6 million) in 2012 to more than BRL 1.5 billion (US$646 million) in 2013.
BRF's net income for the year reached BRL30.5 billion (US$13.1 billion), 7 percent higher than in 2012, demonstrating the resilience of the company against challenging markets, as well as the strength of BRF's top two brands, Sadia and Perdigao.