JBS reported a year-over-year decline in net revenue and gross profit for the second quarter of fiscal year 2023 for its Seara business unit, but pointed out that there are plenty of other reasons for investors to be upbeat.
Seara, the Brazilian poultry unit of the company, posted a net revenue of US$2.08 billion for the quarter, which was a 4.1% drop when compared to the second quarter of 2022, but a 4.7% increase when compared to the first quarter of 2023. At the same time, Seara posted net profits of $301.5 million, down 42.9% on a year-over-year basis, but a 31.8% improvement over the previous quarter.
Revenues from exports for Seara amounted to $1.1 billion, which was down 7% from the previous year. Reflected in those figures were the fact that the average prices were down 14% while volumes were up 8%.
New plant ramping up
JBS reported positive news regarding the new Seara breaded chicken plant in Rolandia, which is the largest plant of its kind in Latin America.
The plant was inaugurated in March, and while it is still in its ramp-up phase, the plant is at “an accelerated pace of production, and with a good sales performance.”
New products
JBS also reported that Seara has launched new products “with flavors that cater to the everyday recipes of the Brazilian consumer,” as well as new items in the rotisserie chicken category.
JBS, according to the WATTPoultry.com Top Poultry Companies Database, is the world’s largest poultry producer in the world. During the past year, the company slaughtered about 4.4 billion broilers. Those figures include data for not only Seara, but also for Pilgrim’s Pride, Pilgrim’s de Mexico and Moy Park, companies for which JBS is a majority shareholder, based in the United States, Mexico and the United Kingdom, respectively.
