Exports drive Minerva growth in third quarter

By Aidan Fortune

- Last updated on GMT

Exports accounted for 61% of consolidated gross revenue
Exports accounted for 61% of consolidated gross revenue
Brazilian meat processor Minerva saw its gross revenue hit an all-time high during the third quarter of 2018.

In its latest financial results, it reported that its gross revenue for the quarter was R$4.6 billion, while its net revenue was R$4.3bn. Its last 12 months to the quarter gross and net revenue were up 44% and 17% year-on-year respectively.

The business attributed this growth to the “effective implementation of a diversification strategy in South America, with decision-making based on focus, discipline and consistency, and excellence in risk management”​.

Fernando Galletti de Queiroz, CEO, welcomed the results: “Sales were once again led by exports, which accounted for 61% of consolidated gross revenue, at R$2.8bn, up 32% over Q317 and approximately 12% higher than in Q218. The two divisions (Brazilian Industry and Athena Foods) had an excellent export performance.

“We were able to achieve these results thanks to the strategic positioning of our units, allowing greater arbitrage between the regions, and to our extensive reach in the global beef market. We are currently the leading South American exporter in terms of revenue, with 21.4% of total exports in the last 12 months, while we account for approximately 7% of global exports.”

In its Brazilian Industry division, Minerva saw both a year-on-year and quarterly growth in slaughter volumes, the latter of which was attributed to the truck drivers’ strike in May. Gross revenue in this division was up 7.6% year-on-year, fuelled by growing demand from the Asian and American markets as well as the strength of the dollar against the real.

In export terms, Europe remained flat for Minerva, as did Africa. The real successes were seen in the Americas (+7%) and Asia (+27%). Exports to the Middle East declined 4% year-on-year, while Athena Foods now supplies the Commonwealth of Independent States.

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