World Grain - March 2024 - 10

NEWS REVIEW
Bunge income up 39% in fiscal 2023
ST. LOUIS, MISSOURI, US - Bunge Global SA's net income
in the fiscal year ended Dec. 31, 2023, was $2.24 billion,
equal to $14.87 per share on the common stock, up 39%
from $1.61 billion, or $10.51 per share, in fiscal 2022.
Adjusted total segment EBIT increased to $3.03 billion
from $2.86 billion. On an adjusted basis, earnings per share
were $13.66 in 2023, down from $13.91 in 2022. Sales in
2023 were $59.54 billion, down 11% from $67.23 billion.
Adjusted segment earnings before income tax (EBIT) within
the Agribusiness unit totaled $2.3 billion in 2023, up 7.6%
from $2.13 billion in 2022. Net sales in the division decreased
10% to $42.76 billion from $47.7 billion, while volumes
slipped to 76,019,000 tonnes from 77,492,000 tonnes.
In the Refined and Specialty Oils unit, adjusted segment
EBIT totaled $883 million, up 8.9% from $811 million in fiscal
2022.
Adjusted segment EBIT within the Milling unit was $85
million, down 49% from $167 million in fiscal 2022. Net
sales in the division decreased 21%, falling to $1.9 billion
from $2.39 billion. Volumes fell to 3,391,000 tonnes from
4,331,000 tonnes.
Port Allen mill slated for closing by Ardent Mills
DENVER, COLORADO, US - Ardent Mills LLC on Feb.
16 said it will halt operations at its flour mill in Port Allen,
Louisiana, US, by mid-April. The company described the
closing as part of a " broader business strategy aimed at optimizing
operations and enhancing efficiency. "
The facility, owned by the Greater Baton Rouge Port, employs
24. Built in 1974 by Seaboard Allied Milling Corp., the mill came
under Cargill's ownership with the company's 1982 acquisition
of the domestic milling business of Seaboard. It has been part of
Ardent Mills LLC since that business was established in 2014.
Louis Dreyfus expanding with new plant
YORKTON, SASKATCHEWAN, CANADA - Louis
Dreyfus Co. (LDC) is constructing a pea protein isolate production
plant for its plant proteins business. The plant will be
located at the site of its existing industrial complex in Yorkton,
the company said.
The facility will enable the company to offer functional
Bunge Global SA's headquarters in St. Louis, Missouri, US.
In the fourth quarter of 2023, Bunge net income was $616
million, or $4.18 per share, up 83% from $336 million, or
$2.21 per share, the year before. Sales were $14.94 billion,
down from $16.66 billion, in the final quarter of 2022.
Adjusted earnings per share were $3.70, up from $3.24.
The Port Allen mill has daily milling capacity of 6,000 cwts
and produces hard wheat flour. The mill is located on 10.5
acres of land, also owned by the Greater Baton Rouge Port.
Ardent Mills said the facility will continue to be utilized for
rail-truck transfers, on an as-needed basis.
Emphasizing the point that the decision does not reflect the
mill's performance, Ardent Mills went on to say the company
has been performing strongly and said the closing is " part of a
carefully planned strategy to position ourselves, and our customers,
for sustained success in the long term. "
ingredients for dairy alternatives, high-protein nutrition solutions
and other plant-based applications, according to the company.
The plant also will expand and accelerate the company's existing
pea protein isolate and non-GMO soy isolate offerings.
The plant is expected to be completed by the end of 2025 and
will employ approximately 60 people.
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10
March 2024 / World Grain / www.World-Grain.com
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World Grain - March 2024

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