23 August, 2019 - 25 August, 2019
01 September, 2019 - 03 September, 2019
03 September, 2019 - 05 September, 2019
04 September, 2019 -
16 September, 2019 -
The annual performance report of the agricultural commodities multinational has showed adjusted operating earnings of US$2.82 billion for its fiscal year 2019, down 12%.
Cargill’s cash flow from operations totalled US$5.19 billion, while strategic acquisitions, joint ventures and new and existing facilities constituted US$2.81 billion of the operations budget. Annual revenues declined 1% to US$113.5 billion. In the fourth quarter of fiscal 2018-2019, operating income dropped 41% to US$476 million dollars. Over the full year, Cargill posted a net profit down 17% to US$ 2.56 billion, and adjusted operating income down 12% to US$ 2.82 billion. The animal feed and protein segments remain the largest contributor to the Group's results, despite a decline in animal protein consumption (beef, chicken and eggs) in North America and a decline in feed for pigs due to the swine fever outbreak in China. “With steady domestic and export demand, and plentiful cattle supplies, the beef business posted its third consecutive year of strong performance”, said Cargill.
“Although short of our ambitions, this year’s earnings were achieved in the midst of immense geopolitical uncertainty, especially related to global trade. We have long said there are no winners in a trade war, particularly an escalating conflict between the U.S. and China, the world’s two largest economies. To that, add the ambiguities surrounding Brexit and the renegotiation of NAFTA, as well as conflicts in Central America and other regions”, said Cargill, which says it is targeting the fast-growing economies of Asia Pacific with strategic investments, where populations are growing and diets are shifting.
The U.S. headquartered agricultural giant is launching BeefUp Sustainability, an initiative committed to achieving a 30% greenhouse gas (GHG) intensity reduction across its North American beef supply chain by 2030. Read more here.