November 5, 2024 – FriGol, one of the largest and most traditional beef processing companies in Brazil, closed the third quarter with a net revenue of R$ 902.5 million, a 15.6% increase compared to the same period in 2023. During this period, the company processed 174,000 cattle, a 14.3% increase relative to Q3 2023.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) amounted to R$ 49.4 million, showing a 2.4% year-on-year increase, with an EBITDA margin of 5.5%. Net income for the quarter reached R$ 13.1 million, in line with the same period of the previous year.

Over the past 12 months, net revenue totaled R$ 3.3 billion, a 13.4% increase compared to the same period last year. The accumulated EBITDA for the period was R$ 189.8 million, 136% higher, and net income for the last 12 months amounted to R$ 31 million, compared to breakeven in the same period of the previous year.

“We had strong results this quarter both in the domestic and international markets, driven by a robust domestic market and growth in sales of value-added products, as well as the development of customized strategies for key clients in the international market, diversification, and access to more profitable markets. Brazil continues to be the global supplier of choice,” said Eduardo Miron, CEO of FriGol.

During the period, domestic sales accounted for 46% of total revenue, while exports represented 54%. A key highlight was sales to other destinations, which increased to 11% in the quarter, compared to just 3% in the same period of 2023. This was the result of expanding the company’s presence in additional international markets, including its first shipments to the Philippines in Q3, joining Indonesia and Singapore—countries where FriGol already exports within the Association of Southeast Asian Nations (ASEAN) bloc, a region considered promising. This year, FriGol also focused on increasing sales to North America, with several shipments to Canada.

On the other hand, 74% of export revenues came from China, down from 86% in the same period of 2023. Israel accounted for 12% of sales, compared to 8% year-on-year. Meanwhile, sales to Hong Kong remained stable at 3%.

In terms of financial results, leverage decreased to 1.2x Net Debt/EBITDA, compared to 1.3x in Q2 2024, reflecting strong financial discipline. Operating Cash Flow (OCF) was R$ 39 million, representing a conversion of 78% of EBITDA, showing significant improvement over the previous year, which had a conversion rate of 17%.

“The results for the quarter once again demonstrate our strong governance and operational efficiency, and we will continue to work toward an increasingly robust capital structure,” said Eduardo Masson, CFO of FriGol.

About FriGol

FriGol is one of Brazil’s leading and most traditional beef slaughterhouses. Founded in 1992 by the Gonzaga Oliveira family, which has been in the meat business since 1970, FriGol is strategically located in the states of São Paulo and Pará. Today, the company has a significant share of the national and international market, with a presence in more than 60 countries across North and South America, Europe, the Middle East, Asia and Africa.

Find out more at FriGol website.