MINERVA FOODS FILES NET PROFIT OF R$ 95.4 MILLION IN THE SECOND QUARTER OF 2024

Rhea-AI Summary

Minerva Foods (B3: BEEF3 | OTC – Nasdaq International: MRVSY) reported strong financial results for Q2 2024. Consolidated gross revenue reached R$ 8.2 billion, with exports accounting for 61%. The company's EBITDA was R$ 744.6 million, showing an 18.4% increase from the previous quarter, with a 9.7% EBITDA margin. Net revenue rose to R$ 7.7 billion, up 6.7% quarter-on-quarter and 5.4% year-on-year. Minerva Foods also reported a net profit of R$ 95.4 million for the period.

The company's free cash flow for Q2 2024 was R$ 404.1 million, with a notable free cash flow yield of 40% over the last twelve months. Minerva Foods maintained its leadership in South American beef exports with a market share of approximately 20%. The company's net leverage ratio stood at 2.98x at the end of June, adjusted for recent acquisitions and prepayments.

Positive

• Consolidated gross revenue reached R$ 8.2 billion in Q2 2024
• EBITDA increased by 18.4% quarter-on-quarter to R$ 744.6 million
• Net revenue rose 6.7% quarter-on-quarter and 5.4% year-on-year to R$ 7.7 billion
• Net profit increased to R$ 95.4 million in Q2 2024
• Free cash flow yield of 40% over the last twelve months
• Maintained leadership in South American beef exports with ~20% market share

Negative

• Net leverage ratio at 2.98x, indicating a moderate level of debt

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EBITDA was R$ 744.6 million, and net revenue was R$ 7.7 billion in the period

SÃO PAULO, Aug. 7, 2024 /PRNewswire/ -- A Minerva Foods (Minerva S.A. – B3: BEEF3 | OTC – Nasdaq International: MRVSY), the leader in exports of fresh beef and derivatives in South America, also operating in the processed products segment, releases its financial results for the second quarter of 2024 (2Q24) to the market.

Consolidated gross revenue in the second quarter of 2024 was R$ 8.2 billion, with exports accounting for 61% of the total. In the twelve months ending June 2024, gross revenue totaled R$ 29.9 billion, with exports accounting for 63% of gross revenue, reinforcing our leadership in beef exports in South America, with a market share of approximately 20%.

EBITDA in the second quarter of 2024 was R$ 744.6 million, with an EBITDA margin of 9.7%, up by 18.4% on the previous quarter. In the first half of 2024, EBITDA was R$ 1.4 billion, and in the last twelve months ended June 2024, EBITDA was R$ 2,693 million, with an EBITDA margin of 9.6%. EBITDA adjusted for the pro-forma result of BPU Meat totaled R$ 2,704.6 million in 12 months.

Net revenue was R$ 7.7 billion in the period, up by 6.7% on the previous quarter, and 5.4% up year on year. In the twelve months ending June 2024, consolidated net revenue totaled R$ 28.1 billion. Net profit in the period was also up, to R$ 95.4 million.

Free cash flow for the second quarter of 2024, after financial expenses, Capex and working capital, was R$ 404.1 million. In the twelve months ending June 2024, recurring free cash flow (annualized) was R$ 1.7 billion, making a free cash flow yield of 40%*. When adjusted for the acquisitions of Australian Lamb Company and BPU Meat, cash flow totals R$ 1.5 billion in the period. Since 2018, the Company has accumulated R$ 7.3 billion in free cash generation.

Net leverage at the end of June, measured by the net debt/adjusted EBITDA ratio for the last 12 months, ended the quarter at 2.98x, adjusted for the pro-forma EBITDA of BPU Meat, and also for the amount of R$ 1.5 billion disbursed, related to the prepayment of the acquisition of Marfrig South America's assets.

*based on the closing price BEEF3 on 07.29.2024

About Minerva Foods
Minerva Foods is the leader in beef exports in South America and also operates in the processed segment, selling its products to more than 100 countries. In addition to Brazil, Minerva Foods is present in Paraguay, Argentina, Uruguay, and Colombia, and has specialized lamb plants in Australia, totaling more than 23,000 employees. The company serves five continents with beef, lamb, and their derivatives and currently operates 33 industrial units, 17 international offices, and 14 distribution centers.

View original content:https://www.prnewswire.com/news-releases/minerva-foods-files-net-profit-of-r-95-4-million-in-the-second-quarter-of-2024--302217315.html

SOURCE Minerva Foods

FAQ

What was Minerva Foods' (MRVSY) net profit in Q2 2024?

Minerva Foods reported a net profit of R$ 95.4 million in the second quarter of 2024.

How much was Minerva Foods' (MRVSY) EBITDA in Q2 2024?

Minerva Foods' EBITDA in the second quarter of 2024 was R$ 744.6 million, with an EBITDA margin of 9.7%.

What was Minerva Foods' (MRVSY) net revenue in Q2 2024?

Minerva Foods' net revenue in Q2 2024 was R$ 7.7 billion, up 6.7% from the previous quarter and 5.4% year-on-year.

What is Minerva Foods' (MRVSY) market share in South American beef exports?

Minerva Foods maintains a leadership position in South American beef exports with a market share of approximately 20%.

What was Minerva Foods' (MRVSY) free cash flow yield for the last twelve months ending June 2024?

Minerva Foods reported a free cash flow yield of 40% for the twelve months ending June 2024, based on the closing price of BEEF3 on July 29, 2024.