Cargill sees 1% revenue rise for fiscal 2020

United States
Published:  17 July, 2020

Global commodities trader Cargill’s revenue for fiscal 2020, which ended on May 31, rose to US$114.6 billion, up 1% from the previous year.

The rise in revenue is the company’s third in the last four years, after U.S. flooding and the U.S.-China trade war cut revenues by 1% in fiscal 2019, according to company disclosures.

Cargill said it has reinvested 80% of operating cash flow back into the company. The supply chains of agricultural commodities traders continue to experience difficulties in light of the ongoing Covid-19 pandemic, with meat packers and biofuel producers forced to halt production. Coronavirus outbreaks have led to closures of some Cargill facilities, including a beef plant in Alberta, Canada, which produces burgers for McDonald’s restaurants.

Cargill said all of its North American beef plants have reopened as of early June with “enhanced safety procedures.”

Source: Reuters