JBS SA reported a 24.5% decrease in net income for fiscal year 2022, which ended on Dec. 31, 2021, compared to the previous year. For the fourth quarter of 2022, the company’s net income was down 63.7% YoY.

Consolidated net revenue for the fourth quarter decreased by 4.5% YoY to 93 billion reals, but net revenue for the 2022 fiscal year increased by 6.9% from the previous year to 375 billion reals.

JBS’s CEO, Gilberto Tomazoni, attributed the decline in performance to challenging market conditions and high inflation, which have affected the global protein industry.

Despite the short-term challenges, JBS plans to invest in prepared food for Brazil and the US and has made $2.2 billion in asset purchases by acquiring seven companies in the last two years.

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ESS-Feed Daily “Inflation forces half of Australians to buy less meat”