São Paulo – The Brazilian meat packer Minerva saw beef export revenue drop by 2.1% to BRL 5.7 billion (USD 1.8 billion) last year. Foreign sales of the product accounted for over half the company’s gross revenue at BRL 10.3 billion (USD 3.3 billion), up 2% from 2015, the company reported this Wednesday (22).
Minerva said in a statement that revenue from exports was a “reflection of smaller beef export volume in the second half, which was partly offset by stronger domestic sales.” The average raw beef export price was the same as 2015, at USD 4.9 per kg.
The Middle East accounted for 21% of export revenues, also the same as in 2015. It was the second biggest buying region for Minerva, after Asia. The company said revenue from sales to Lebanon and the United Arab Emirates soared.
Minerva registered a net profit of BRL 195 million (USD 63 million) in 2016, up from a net loss of BRL 800 million (USD 258 million) in 2015.
*Translated by Gabriel Pomerancblum
