CRV doesn’t stop Marfrig. The South American meat giant closed the first quarter of 2020 with positive results. Revenue was up by 20%, in comparison to the previous year, mainly thanks to export-related performances. Something that is confirmed by the percentage of foreign income: 89% of the total.
CRV doesn’t stop Marfrig
Marfrig sold a total of 842 tons of meat in the first 3 months of 2020, against the 754 of 2019’s first quarter, equal to an 11.8% increment. 649 tons were sold in the national market (+8.1%) while 194 tons were exported (+26.5%). In economic terms, sales translated to a 2.25 billion USD revenue: +7.5%. As commented by the organization, “the revenue increase is explained by the 46.5% increase in export performance and the confirmed positive trend of North American operations”.
The United States was the first market during the 1st quarter of 2020 and continued to grow. While it accounted for 62% of sales in 2019, the value is now of 64% of the total. Brazil placed 2nd, down from 12% to 9%. China and Hong Kong also increased. They accounted for 6% of the company’s total sales but have increased to 10%.
“Covid-19 has created challenges and raised uncertainties over the global macroeconomic situation. Institutions and banks have had to rethink their economic projections for the world’s main countries, as the effects on the manufacturing segment were harsh – communicated Marfrig -. The meat industry has started feeling the impacts of the pandemic at the end of March, when it reached the Americas. Even though many exporters’ sales in China were affected at the start of the quarter. In this challenging context, Marfrig’s placement on North and South America revealed itself to be a great strategic advantage”.