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By Ana Mano
SAO PAULO (Reuters) - The world's largest chicken exporter, Brazil's BRF, posted on Wednesday a fourth-quarter net profit of 868 million reais ($149.33 million), up 15% from the same period a year earlier driven by strong revenue growth in Brazil and abroad.
The annual profit was 297.5% higher at 3.7 billion reais, while earnings before interest, tax, depreciation and amortization (EBITDA) rose 155% to 10.5 billion reais for 2024 - both marking historical records.
"We ended the year with a record result, with a solid financial position and, above all, the outlook for 2025 is great," CEO Miguel Gularte said. "Our business is at an excellent moment and the company is prepared to take advantage of the opportunities that arise."
On Tuesday, a meat lobby said Brazilian chicken export forecasts this year would likely be revised upward as numerous outbreaks of avian influenza reduce supply in competing exporters and importing nations.
Brazil never had an avian influenza case on a commercial farm, which could cause animals to be culled and markets to impose bans. However, the country dealt with an outbreak of Newcastle disease, which causes respiratory problems in birds, last year.
BRF's EBITDA reached 2.8 billion reais in the fourth quarter, a 47% rise from the prior year, as the firm, which processes chicken and pork, managed to rein in pressure from higher corn prices, management said.
In 2024, the company obtained 84 new export authorizations, and has accumulated a total of 175 since 2022.
In the international market, BRF recorded record profitability, "driven mainly by its market diversification strategy and increased share of processed products in its portfolio," the company said in a statement.
BRF performed well in the Gulf region and in Turkey, where the company maintained leading market shares of 37.5% and 26% respectively.
In the domestic market, sales volumes rose significantly on the back of demand for processed foods, BRF said, citing improvements in the local labor market as driving sales.
(Reporting by Ana Mano; Editing by Chris Reese and Jamie Freed)
