LatinNews Daily - 15 May 2024

*Brazilian meat processing company JBS has released its financial results for the first quarter of 2024, showing a net profit of R$1.65bn (US$322m). This result marks a significant quarterly increase from the net profit of R$82.6m in Q4 2023 and from the loss of R$1.45bn registered in Q1 2023. The agribusiness giant’s latest quarterly report included a message from its global CEO Gilberto Tomazoni, who highlighted the “importance of [the company’s] geographical and protein diversification”. He pointed out the strong performance of JBS’ processed meat brands, such as Seara, which had benefited from domestic market factors such as a lower price of grains to produce animal feed. Regarding JBS’ business abroad, Tomazoni expressed optimism about plans to expand operations in countries such as Saudi Arabia, where the company is preparing to open its third processing facility for halal products. JBS is also due begin production of cultivated or lab-grown meat in a facility in Spain operated by its subsidiary BioTech Foods. Tomazoni noted that the efforts to geographically diversify operations come amid “weaker margins” in the company’s beef business in North America due to “seasonal conditions”.