July 21, 2020

Cargill reports 1% increase in fiscal 2020 revenue to US$114.6 billion

The global commodities trader said its May 31 ended revenue for fiscal year 2020 was up 1% compared to the year prior, a US$114.6 billion increase, Reuters reported.

Cargill did not release a public report for its quarterly and annual financial data in 2020, the first time since 1996.

The company said in an email statement that it had reinvested 80% of its operating cash flow back into the company.

Company disclosures showed this was Cargill's third reported increased revenue in four years, following revenues cut by 1% because of the US-China trade war and US flooding.

The global COVID-19 pandemic has disrupted agricultural commodities traders' supply chains, with meatpackers and biofuel producers forced to stop production. However, demand for at-home meal ingredients have surged.

Some Cargill plants were temporarily closed due to COVID-19, including a beef plant in Alberta, Canada that produces beef patties for McDonalds.

Cargill said all its beef plants in North America has resumed operations since the start of June, with added safety procedures in place.

-      Reuters