Cargill has registered strong full-year results, thanks in part to the strong performance of its Animal Nutrition & Protein business, as the company’s revenue rose 5% to $114.7 billion.
The company’s operating earnings rose 6% year-on-year to $3.2 billion, and Cargill stated that its protein division was the largest contributor to its full-year operating earnings.
This was due to a rise in demand for North American beef in both the US market and internationally, while the steady expansion in the value-added egg product market contributed to the division’s performance.
Throughout the year, the division expanded through several factory expansions in the US and the establishment of the Avara Foods joint venture with Faccenda.
Cargill also announced that the earnings of its Food Ingredients & Applications business rose for the third consecutive year, citing the “outstanding performance” of its cocoa and chocolate products, Asia-based ingredients and global edible oils as the main factors to this growth.
Meanwhile, the company’s Origination & Processing division also exceeded last year’s annual results, thanks to its strongest fourth quarter in seven years.
However, the company’s Industrial & Financial Services business registered a fall in operating earnings, due to lower returns from fund investments and a softer fourth quarter overall
David MacLennan, Cargill’s chairman and chief executive officer said: “Our strong results show we are creating the connections the world needs for vibrant food and agriculture both today and tomorrow.
“Cargill has always moved food from where it is produced to where it is needed. Today, we are pioneering new capabilities and partnerships to invest for the future.
“We are innovating alongside our customers to develop healthy, delicious products made the way consumers want.
“We are working with farmers and others to implement sustainable agricultural practices. And we are standing up for inclusive global trade that lets food move freely.”
© FoodBev Media Ltd 2022
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