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© Reuters.
PARIS, Reuters
Group net income reached $ 336 million, up 167% from $ 126 million a year earlier, while earnings before interest, taxes, depreciation and amortization (EBITDA) increased 23% to $ 778 million.
Soaring commodity prices and strong demand for grain from China have supported the incomes of agricultural traders during the coronavirus pandemic and helped LDC profits recover last year.
Citing “a constantly volatile environment”, Managing Director Michael Gelchie said LDC’s market insight, risk management and hedging strategies have ensured “strong results for the first half of the year.”
LDC, known as Dreyfus, is the “D” of the “ABCD” quartet of renowned global agricultural product companies alongside Archer-Daniels-Midland Co, Bunge (NYSE 🙂 Ltd and Cargill Inc.
Earlier this month, LDC finalized the sale of an indirect 45% stake to Abu Dhabi holding company ADQ, marking the arrival of the first non-family shareholder in the agricultural commodity group’s 170-year history. .
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