Annual Report 2023

Jerónimo Martins Agro-Alimentar (JMA)

Highlights of the Year

  • Terra Alegre obtained IFS (International Featured Standard) certification
  • Best Farmer, together with Recheio, opened the first Best Farmer butcher’s counter in the banner’s Cascais store
  • In aquaculture, equity interest in Andfjord Salmon increased from 10.5% to 25.1%
  • In fruit and vegetables, a joint venture was formed with the Luís Vicente group, embodied in the company Supreme Fruits, Lda, for the production of mandarin tango and stone fruit (peaches, nectarines and plums).

More information, about JMA activities and our sustainability initiatives, is provided under “Sustainability” in this Report.

Message from the CEO

Despite persistent inflation throughout the year, and although there was a slowdown in the increase in production-related costs, 2023 was marked by deflation in the selling price of some products marketed by JMA subsidiaries, in particular milk.

There was also a severe drought for the second consecutive year, leading to a shortage of pastures and forage for livestock and the consequent increase in feeding costs.

It was against this challenging backdrop that JMA’s various businesses continued their expansion plans in the areas of fruit, dairy, aquaculture and livestock farming.

Most noteworthy are the first sales of organic seedless grapes under the Hey, Vita! brand, fish production in Morocco, and the test marketing of salmon by the Norwegian company Andfjord, in which JMA increased its equity interest.

In 2024, the commercial and marketing strategy for all business areas will be developed, focusing on the banner’s digital presence to support the different brands in gaining a foothold in the market.

António Serrano
CEO Jerónimo Martins Agro-Alimentar


Despite the pressure on the business, JMA has remained committed to its priorities, ensuring the sustainability of its various activities in all dimensions.

With regard to the dairy sector, Terra Alegre continued to invest in innovation and, together with the Jerónimo Martins Group’s distribution companies in Portugal, launched several products, including organic semi-skimmed milk and honey and lemon balm lactose-free fortified milk (focusing on well-being).

Terra Alegre obtained a High Level score in the IFS Audit, a benchmark recognised by the Global Food Safety Initiative (GFSI) that certifies the safety and quality of food products and processes.

In the livestock farming sector, Best Farmer boosted the brand’s visibility as a specialist in meat production for the HoReCa channel by opening a Best Farmer butcher’s counter in the Recheio store in Cascais.

Milk bottling at the the factory (photo)
A person feeding a cow by hand (photo)
Aquaculture production on open sea with boats circling them (photo)

Regarding sheep farming and milk production, 2023 was an important year marked by the completion of the project to expand and upgrade the unit in Fundão, and of the works to build a robotic milking parlour at the Monte do Trigo dairy farm.

The preliminary results of the “Green Beef” project, aimed at reducing methane emissions associated with beef production by introducing algae oil in animal feed, are also promising. In 2024, tests will be carried out on a larger scale to confirm the consistency of results.

Three circles with KPIs (graphic)

The year 2023 was particularly challenging for aquaculture, with the ‘Aquafarm’ operation in Morocco, which saw its first sales, and the implementation of the Seaculture project in the Algarve (Vila Real de Santo António) being of note. The latter is progressing well, with work having begun on the onshore logistics structure (building and support quay).

In Madeira, the year’s performance was significantly impacted by an unprecedented storm that damaged the Marismar infrastructures. The Company remains confident in the potential of the Madeira Sea Bream product and immediately began reconstruction works.

In line with its ambition to take production and sales internationally, JMA increased its stake in Andfjord Salmon, acquiring an additional 10 million shares in the company. JMA currently holds a 25.1% equity interest.

With regards to fruit and vegetable production, Outro Chão placed around 300 tonnes of organic seedless grapes on the market and launched its private brand Hey, Vita!.

Employee doing a quality control of grapes out in the vineyard (photo)

In addition to other existing joint ventures for the production of organic seedless grapes and organic oranges, JMA established a new partnership, this time with the Luís Vicente Group, through Supreme Fruits, a company created with the purpose of producing and process mandarina tango and stone fruit (peaches, nectarines and plums).

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