LatinNews Daily - 14 November 2022

In brief: Brazil’s beef giant JBS posts smaller profits

*Brazil-based meatpacker JBS, the world’s largest beef producer (with a presence in over 20 countries), has released its financial results for Q3 2022, showing a 47.1% fall in quarterly profits compared to the third quarter of 2021. The company posted a net income of R$4bn (US$740m) in Q3 2022, compared to R$7.58bn in the same period of 2021. Compared to Q2 2022, JBS’s profits increased 1.6%. The group’s total revenues in Q3 2022 reached R$98.9bn, a 6.8% increase on Q3 2021. This is the largest quarterly revenue registered in the group’s history. “Against a backdrop of higher operational costs and economically challenging environments in different business segments, we exceeded our sales in the period and recorded the highest quarterly net revenue in our history,” wrote JBS’s Global CEO, Gilberto Tomazoni, in a note to investors. “We did all this, while continuing to invest to expand our operations. We spent R$2.97bn globally [in Q3 2022], 14.9% more than in Q3 2021.”

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