Food & Drinks

Cargill sales surge 23% in fiscal 2022

MINNEAPOLIS — Putting its “deep expertise, unique position connecting the global supply chain, and extensive innovative partnerships to work” helped Cargill lift global revenues 23% in fiscal 2022 ended May 31 to $165 billion, said David MacLennan, chief executive officer, and Brian Sikes, chief operating officer.

The comments from Mr. MacLennan and Mr. Sikes were part of a letter to stakeholders featured in the company’s 2022 annual report that was released this month. The private company has not publicly disclosed quarterly earnings since early 2020.

Cargill highlighted several investments undertaken in fiscal 2022 to modernize its global network of facilities, including $300 million as part of a partnership with HELM to build 1,4-butanediol facility in North America, $150 million to open a new pectin plant in Brazil and $100 million to complete upgrades to two cocoa processing plants in West Africa. The company also announced a 50-50 joint venture with Continental Grain to acquire US poultry processor Sanderson Farms, took a stake in Latin American salmon producer Multi X, and bought Aalst, one of Asia’s top chocolate companies.

“All of these investments — along with continuously upgrading our business-enabling capabilities — will help us bring more solutions to our customers while better connecting those who grow food to the markets that need it,” Mr. MacLennan and Mr. Sikes said.

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Cargill also said it contributed more than $163 million to its partners and local communities during the fiscal year. Included in that total was $20 million in new or expanded partnerships to improve food security and more than $11 million to programs that support farmer livelihoods.

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