Brazil’s JBS S.A. reported annual 2017 profits of $165 million, an increase of 128% from the prior year. The surge in profits was described by CEO José Batista Sobrinho as the ''best operational results in our history.''
The glowing report came despite losses in the fourth quarter and JBS’ year-long challenges from company executives involved in the Brazilian corruption scandal. Additionally, JBS profits came despite net revenue falling by 4.2% ($51.5 billion), the result of currency exchange variation and the sale of various assets.
''In 2017, we ended another year with solid, consistent results that demonstrate our capacity to overcome challenges,'' said Sobrinho. The challenges included plant closures linked to the corruption scandal and the arrest of his sons over alleged insider trading.
Last June, JBS sold plants in Paraguay and Uruguay to Minerva, SA, in a $300 million transaction.
Earlier this month, JBS announced the sale of Five Rivers Cattle Feeding was finalized for approximately $200 million to Pinnacle Asset Management, L.P. Five Rivers Cattle Feeding has capacity for nearly one million cattle, and it announced it would continue to supply cattle to JBS USA beef processing plants as part of a long-term agreement in conjunction with the sale agreement.