It posted record gross revenue of R$14,431 million, up 43% year-on-year while EBITDA was R$285mn, up 44.3% on the first quarter of 2017.
The business reported that it accounted for 22% of South American exports during the quarter. According to Minerva, Brazilian export volumes increased 21% over the first quarter (Q1) of 2017, while Uruguayan and Argentine export volumes climbed 16% and 56% respectively.
Fernando Galletti de Queiroz, CEO, said: “The continued imbalance between the global supply of beef and growing international demand, mainly driven by heavy consumption in Asia and the Middle East, has created excellent business opportunities for cattle producers in the region.”
He also gave an update on Argentine expansion. “The integration process of the newly acquired Mercosur units was concluded in early April, with the implementation of the operating system in Argentina. Now that the integration process has been completed, we will continue pursuing operational and commercial improvements through the adoption of efficiency programs in all the units.”
Minerva also anticipates Japan to open to Uruguayan beef, Indonesia and the reopening of the US to Brazilian beef, and the US to Argentine beef.
The company has restructured its divisions to suit recent growth on the international scene. It has now split them into: Brazilian Industry, which covers production in Brazil for both domestic and export markets; International Industry, for production in Paraguay, Argentina, Uruguay and Colombia; and Trading, which covers live cattle and trading for South America and Oceania.
To aid with its expansion plans, Minerva has also created the position of global chief operating officer and has appointed Iain Anderson Mars to the role. Former chief commercial officer at Minerva SA and chief operating officer at the company, Mars will head up operating officers for its Brazil, Columbia, Argentina, Paraguay and Uruguay beef divisions, and will report directly to the CEO.
Last year Minerva Foods completed a $300m deal to buy beef assets from JBS in Argentina, Paraguay and Uruguay.