USA- Bunge Ltd., global commodity trader and agricultural processor, reported its financial results for fiscal year 2023, showcasing significant progress and a notable increase in net income.
The company reported a net income of US$2.24 billion for the fiscal year ended December 31, 2023, marking a remarkable 39% increase compared to the previous year.
Adjusted total segment EBIT reached US$3.03 billion, highlighting the company’s focus on operational excellence and capital investments. Despite a decrease in sales to US$59.54 billion, down 11% from the previous year, Bunge maintained robust operational performance, supported by strategic capital projects and a commitment to sustainability.
Bunge’s steadfast commitment to growth and innovation was demonstrated through several key developments during fiscal year 2023. The company received shareholder approval for its impending merger with Viterra and announced the pending acquisition of CJ Selecta, a leading Brazilian manufacturer and exporter of soy-based products.
Additionally, Bunge completed the acquisition of an oil refinery in Avondale, Louisiana, US. Bunge also commenced construction activities at its state-of-the-art soy protein concentrate plant in Morristown, Indiana, US, showcasing its dedication to expanding its infrastructure and capabilities.
Gregory A. Heckman, Chief Executive Officer of Bunge, emphasized the company’s resilience and agility in navigating the dynamic operating environment. He highlighted fiscal 2023 as a year of substantial progress, characterized by strategic initiatives aimed at enhancing operational efficiency and capitalizing on emerging market opportunities.
Within the operational highlights, Bunge reported adjusted segment EBIT of $2.3 billion in fiscal 2023 within the Agribusiness unit, reflecting a 7.6% increase compared to the previous year.
Similarly, the Refined and Specialty Oils unit demonstrated resilience, with adjusted segment EBIT totaling US$883 million, up 8.9% from fiscal 2022.
Looking ahead, John W. Neppl, Executive Vice President and Chief Financial Officer of Bunge, emphasized the company’s commitment to navigating evolving market dynamics while delivering sustained value to shareholders.
He outlined strategic priorities for fiscal year 2024, centered on driving operational excellence, advancing sustainability initiatives, and capitalizing on emerging market trends to deliver sustainable growth and value creation.
Bunge remains steadfast in its commitment to driving sustainable growth and operational excellence, leveraging its global footprint and market-leading expertise to deliver value to stakeholders across the agricultural value chain.