Cargill posts strong end of year results
Growing global demand for protein has helped Cargill reach one of its best financial performances.
The US-based company reported $3.2bn in adjusted operated earnings for the 2018 fiscal year on the back of a strong fourth quarter.
The company said its improved financial results, which saw revenues rise by 5% to $114.7bn, were an outcome of significant efforts by its teams to move with greater agility and stronger integration to serve customers’ rapidly changing needs.
Animal nutrition and protein
The company said the animal nutrition and protein division was the largest contributor to the company’s end of year results due to global growth in feed additives, a steady expansion in value-added egg products and rising demand for North American beef.
Excess supplies of chicken relative to domestic demand in Thailand contributed to a moderate decrease in global poultry results in both the fourth quarter and year-end figures.
However, Cargill still sees poultry as one of its major players. During the year, it acquired Pollos El Bucanero, a leading retail-branded poultry business in Colombia and it also formed UK-based Avara Foods, a fresh retail-branded poultry business.
And Cargill also opened a major poultry processing plant in the Philippines with Jollibee Foods.
David MacLennan, Cargill’s chairman and chief executive officer, said: “Our strong results today show we are creating the connections the world needs for vibrant food and agriculture both today and tomorrow. 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.
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