A bull market that sent agricultural commodities soaring has driven record profits for Cargill Inc. in Brazil, reports Bloomberg | Quint.
The Brazilian unit of the world’s largest crop trader posted net profit of more than 2.1 billion reais ($385 million) and revenue of 68.6 billion reais last year, an all-time high. The company benefited from higher prices in the global market, devaluation of the Brazilian real, strong demand and tighter supplies around the world, said Paulo Sousa, chief executive officer of Cargill in Brazil.
Cargill’s profits in Brazil saw a five-fold increase last year, while revenue jumped 38%, the company said.
