Cargill said an increased customer-focus and more disciplined approach to cost control are paying off as the group booked a jump in first-half earnings.
The company today (9 January) said earnings rose to US$1.38bn in the six months to end-November from $336m in the comparable period of last year.
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Earnings rose in four of the company’s five units, with only food ingredients and applications booking earnings that were “slightly down” on the prior year. In particular, the company saw a turnaround at its trading and asset management businesses, which faced “significant challenges” last year.
“The steps we’ve taken over the past months to focus attention on what our customers value most, change how we work, instill more cost discipline and invest in growth are paying off in the current year. Most importantly, these changes are key to delivering sustainable growth year in and year out,” chairman and CEO Greg Page commented.
Sales increased to $69bn, up from $67.9bn last year.
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