Moy Park marks ‘solid’ Q2 growth
JBS Europe – Moy Park has reported a ‘solid’ start to the year, with a 7.4% increase in revenue during the second quarter of 2017, compared to the same period in 2016.
Net revenue at the Northern Irish poultry meat producer was £391.6 million for Q2, driven by underlying volume growth of 2%, combined with what was described as a “favourable exchange rate movement”.
Earnings before interest, tax, depreciation and amortisation (EBITDA) in the same period was £33.9 million, up by 1.2% compared to the same period last year, driven by a “strong operational performance”.
Despite being at the centre of a political scandal in Brazil, JBS’ gross profit increased to 14.8% in Q2, compared to 12.1% in the same period last year, totalling R$6.2 billion.
However, the company suffered a 4.6% decrease in consolidated net revenue in this year’s Q2, compared to the same period last year, peaking at R$41,674.8 million, caused by a net revenue reduction at subsidiary Seara and JBS Mercosul, of 6.1% and 14.2% respectively.
Meanwhile, JBS USA Beef saw net revenue jump 5.9% to $5,525.7 million in this year’s Q2, compared to $5,218.2 in Q2 2016, while JBS USA Pork’s net revenue was also up 11.8% to $1.525.3 million, compared to $1.363.9 million in Q2 in the year before.
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