February 1, 2008

 

Brazil's Sadia to invest US$910 million in 2008

 

 

Brazilian meatpacker Sadia SA (SDA) intends to use its own resources to invest 1.6 billion Brazilian Reals (US$910 million) in 2008, the Estado newswire reported Thursday (February 1, 2008).

 

The company expects 2008 to be a positive year in the meat sector in Brazil and abroad.

 

"In Brazil, growing incomes and a larger workforce should guarantee a strong demand (for meat products)," said Gilberto Tomazon, Sadia's president.

 

Sadia also said that outside of Brazil, demand will remain strong, despite the possibility of an economic downturn in the US.

 

The main driver should come from Russia and the Middle East, which have reaped the benefits of high oil prices.

 

Sadia late Wednesday reported fourth quarter net profit of 295 million reals (US$165 million), up 32 percent from BRL222.9 million in the year-ago period.

 

For the entire year of 2007, Sadia posted a net profit of BRL689 million (US$391.9 million), up 82 percent from in 2006, while gross revenue was BRL9.84 billion (US$5.60 billion ), up 24 percent from 2006.