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Marfrig more than doubles Q2 net profit over last year

14 August 2022

Analysts had expected profits to be even higher

Brazilian meatpacker Marfrig Global Foods SA on Thursday said its second-quarter net profit more than doubled from a year ago, beating market estimates on higher revenues from its South American operations amid strong Chinese demand, reported Reuters.

Marfrig said it earned 4.25 billion reais ($823.85 million), up 144.9% year-on-year, while analysts polled by Refinitiv had expected profit to reach 891 million reais.

The company also announced a new share buyback program, saying in a securities filing it will repurchase up to 31 million shares in 18 months.

Source: Reuters



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