BRF reported a net income of BRL823 million (US$165 165 million) for the fourth quarter of fiscal year 2023, marking it the first time in the past eight quarters that the Brazil-based poultry and pork producer turned a profit.
The company released financial information for the fourth quarter and entirety of fiscal year 2023 on February 26.
“We finished 2023 with consistent progress in our indicators. We appreciate the hard work and dedication of our nearly 100,000 employees for their progress and achievements, our chairman Marcos Molina, the board of directors and shareholders for their support and trust, and our integrated producers, customers, suppliers and all the communities where we are present for their partnership and shared lessons,” stated BRF CEO Miguel Gularte.
BRF reported fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of BRL1.53 billion for its Brazil business segment, which was a 50.6% improvement on a year-over-year basis. For its international segment, the company reported an adjusted EBITDA of BRL687 million, which was a 317.8% improvement when compared to the fourth quarter of fiscal year 2022.
Looking forward
Gularte said with the 2024 fiscal year now underway, it is motivated by the turnaround achieved during the most recent quarter. He also noted that the company’s affiliation with fellow Brazilian protein producer Marfrig Global Foods is a positive for BRF.
“We have opened a new chapter in our history, marked by the consolidation of Marfrig as the controlling shareholder with a 50.06% stake, moving towards a company that has become increasingly competitive. We will continue our journey of evolution with commitment, agility, simplicity and efficiency," said Gularte.
