Meat+Poultry - September 2023 - 12

BUSINESS NOTES
BRF to expand
in Saudi Arabia
Brazilian meatpacker
BRF S.A. announced
on Aug. 1 a new joint
venture with Halal
Products Development
Co. (HPDC), which is a
subsidiary of the Public
Investment Fund (PIF)
of Saudi Arabia.
As part of the
agreement, the
Tyson's chicken woes
Tyson Foods Inc.'s executives continue
to test new strategies to get the company
back on a profitable track in fiscal 2023,
with ongoing poultry business segment
challenges remaining a focus and a priority
to getting the company back on course.
The company's Aug. 7 announcement that
it will close four more poultry processing
plants was a prelude to it addressing the
headwinds that have made 2023 less than
prosperous across most of the company's
business units.
For the fiscal third quarter ended July
1, the company recorded a loss of $417
million, which was a sharp contrast with the
same quarter the previous year when the
company earned $750 million, equal to $2.14
per share on the common stock. The share
price of Tyson Foods' stock at the close of
markets on Aug. 4, was $56.46 and dipped
to $50.88 in morning trading on Aug. 7.
Sales declined in the quarter to $13.14
billion, compared to $13.49 billion during
the same period last year.
Tyson's Chicken segment reported an
operating income loss of $314 million,
compared to an income of $277 million
during the same quarter of 2022. Sales
of $4.21 billion were slightly lower than
the previous year's $4.37 billion. For the
previous nine-month period, however,
chicken sales topped $12.90 billion, an
increase compared to the same period last
year, at $12.34 billion.
companies will divide
ownership - 70% to
BRF and 30% to HPDC.
" The company will
keep its shareholders
and the market in
general informed about
any relevant matter
related to the present
announcement, " said
Fabio Luis Mendes
Mariano, chief financial
and investor relations
officer for BRF.
BRF originally
announced plans for its
joint venture in October
2022. Through the joint
venture, BRF will shift
from solely being a meat
exporter to becoming
a supplier for the Saudi
Arabian market.
CAB, Sysco partner on BQA program
Certified Angus Beef (CAB) and global
foodservice distributor Sysco announced
a strategic partnership to promote animal
welfare and beef sustainability. Through
their collaboration, the companies will
offer Beef Quality Assurance (BQA)
training and certification.
Providing BQA Certification to 1,000
producers, CAB and Sysco will host nine
training sessions between August 2023 and
June 2024.
12 MEAT+POULTRY | 09.23 | www.meatpoultry.com
BQA Certification is funded by the
Beef Checkoff. The nationally recognized
education and certification program,
provides comprehensive training for
best animal care and handling practices,
including how to responsibly use
antibiotics. Leading animal welfare and
cattle care experts designed the program
and regularly update it. CAB and Sysco
hope to demonstrate their commitment to
producing ethical, sustainable, quality beef.
For more news,
visit MEATPOULTRY.com
The Toidi, Antonello - stock.adobe.com
http://www.MEATPOULTRY.com http://www.meatpoultry.com
Meat+Poultry - September 2023

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