Healthy profits for Moy Park's parent firm
The parent company of poultry firm Moy Park has posted robust results for last year.
Marfrig, based in Brazil, said that market share gains in Brazil accelerated in the fourth quarter, boosted by acquisition of the SEARA and Keystone companies.
The firm said that the capacity to pass higher costs on to consumers helped offset higher grain and cattle prices amid challenging environments in Argentina and Uruguay.
Earlier this week it was announced that Moy Park had topped the list of the Belfast Telegraph's Top 100 companies in Northern Ireland.
Nigel Dunlop, managing director of Moy Park, said yesterday's results were "extremely positive".
The firm's purchase of Ballymena-based O'Kane Poultry earlier this year and its rapid expansion into Europe, have been credited for its pole position in the Top 100. Moy Park employs more than 10,500 people over 12 main production sites in Northern Ireland, England, France and the Netherlands, but controls all operations from its Craigavon headquarters.
Around 2,000 staff are based in Northern Ireland. Marfrig reported a fourth-quarter net profit of 62.4m Brazilian reals (£23.9m), up from 44.1m rals (£16.9) in the year-earlier quarter.
The company reported fourth-quarter revenue of 5.3bn reals (£2bn), up from 2.6bn reals (£0.9bn) in the year-ago period.
Earnings before interest, taxes and depreciation rose to 572.9m reals (£219.6m) from 149.4m reals (£57.3m). For the entire year of 2010, Marfrig reported a net profit of 146.1m reals (££55.9m), down from 534.4m reals (£204.8m) in 2009.