Cargill posts record revenue of US$165B for fiscal 2022
BNN Bloomberg
Commodities giant Cargill Inc. said annual revenues soared 23% to a record $165 billion in a fiscal year marked by “extreme events.”
Cargill reported its new sales benchmark for the year ending May 31 Wednesday in the company’s annual report, showing that the trend of strong sales from the world’s grain merchant companies continues in the face of supply-chain woes, rising food inflation and disruptions from war.
Chief Executive Officer David MacLennan and Chief Operating Officer Brian Sikes said the fiscal year was punctuated by extreme events that included “the ongoing Covid-19 pandemic, severe weather, trade disruptions, and Russia’s invasion of Ukraine,” according to their letter to shareholders. The executives said they “anticipate ongoing disruptions in our industries and the world” to linger, though remain “optimistic” the 157-year-old firm “will continue to find new ways forward.”
Russia’s invasion of the Ukraine in late February disrupted global commodities trading, especially corn, wheat and vegetable oil from the Black Sea breadbasket. With unknown supplies and deliveries from this region, global crop prices went higher, giving global companies that buy and sell grains from diverse markets a good position to profit from supply-chain disruptions.
