Brazilian meat company JBS, the world’s largest meat processor, posted soaring profits for the second quarter of its 2020 financial year, despite major operational challenges due to COVID-19.

Last week, JBS reported operating profits of just under €1.3bn for the three month period to the end of June – a 142% increase on the same period last year.

Operating profit margins in the business more than doubled from 6.2% last year to a very robust 12.5% in the second quarter of 2020. JBS posted a 168% rise in earnings (EBITDA) to €1.6bn, as earnings margins widened to 15.5% for the Brazilian meat giant.

Overall, JBS recorded sales growth of 20% in the period, as second-quarter revenues hit €10.3bn. Pre-tax profits for the period stood at €795m.

This exceptionally strong performance from JBS comes despite the company being forced to shut a number of its meat processing plants in the US and Brazil, due to outbreaks of COVID-19 among employees.

Despite the plant closures and reduced beef production, JBS said demand for beef remained very strong in the US, which boosted meat prices. The company’s US beef division recorded profit margins of 21% on its own, as profits in the business more than doubled. JBS also said beef exports to China grew by 53% year-on-year.

JBS CEO Gilberto Tomazoni told investors that he will push ahead with plans to list the Brazilian meat company on the US stock market, potentially by next year.