Brazilian meatpacker Marfrig Global Foods SA on Thursday said its second-quarter net profit more than doubled from a year ago, beating market estimates on higher revenues from its South American operations amid strong Chinese demand, reported Reuters.

Marfrig said it earned 4.25 billion reais ($823.85 million), up 144.9% year-on-year, while analysts polled by Refinitiv had expected profit to reach 891 million reais.

The company also announced a new share buyback program, saying in a securities filing it will repurchase up to 31 million shares in 18 months.