Cargill, the world’s largest crop trader, said annual revenues declined by a tenth as ample crop supplies have pushed down prices.
The decline in revenues to $160bn for the year to May 2024 from a record $177bn the previous year comes as Brian Sikes, who took the helm of the trading company at the start of 2023, is overhauling its operations.
Last month Cargill’s publicly listed rivals Archer Daniels Midland and Bunge reported declining profits, with both companies’ earnings per share falling to their lowest levels since 2020, missing analysts’ expectations.
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