Cargill reports 'one of its best' fiscal performances thanks to global demand for protein products
Cargill Inc. reported $3.2 bn in adjusted operating earnings for the 2018 fiscal year, in what it describes as “one of its best performances.”
The American firm said that strong global demand for beef and animal feed helped to boost Cargill’s revenue 7% to $30.4bn.
Cargill is one of the world’s largest suppliers of ground beef and it also processes and ships poultry products around the world.
For the second year in a row, it said that its animal nutrition and protein division was the largest contributor to its earnings.
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Cargill noted that it has significantly invested in the fast-growing protein market.
In June 2017, the firm acquired Pollos El Bucanero, one of Colombia’s leading producers of chicken and processed meats.
It teamed up with Faccenda to form UK-based Avara Food, a fresh poultry joint venture, and it also opened a major poultry processing plant in the Philippines with restaurant chain Jollibee Foods Corporation.
“Our strong results show we are creating the connections the world needs for vibrant food and agriculture both today and tomorrow,” said David MacLennan, Cargill’s chairman and chief executive officer.
“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,” he added.
