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Global agribusiness giant Louis Dreyfus Company (LDC) announced strong financial results in the first half of 2023 despite ongoing geopolitical, macro-economic and environmental challenges helped by the performance of its grains and oilseeds platform.

The company reported net sales of US$25.8bn for the six months ended 30 June, compared to net sales of US$30.3bn in the same period the previous year, LDC said on 2 October.

Earnings before interests, taxes, depreciation and amortisation (EBITA) were US$1.169M, compared to US$1.170M the previous year. Segment operating results were US$1.316M compared to US$1.375M and net income (group share) was US$568M compared to US$662M.

“While international trade flows progressively adapted to last year’s turbulent environment, some challenges persisted into 2023,” LDC CEO Michael Gelchie said.

“We … navigated a still uncertain and complex market fuelled by the ongoing Russia-Ukraine crisis, concerns over global recession and uncertain crop sizes, to deliver resilient performance for the first semester.”

LDC said the global footprint of its Grains & Oilseeds platform was key to its strong financial performance in the first half of the year.

“High crop yields in Brazil, combined with strong demand from China, opened opportunities at origin and destination for the company’s soyabean and corn businesses,” the company said in its interim report.

“Processing activities also contributed … to performance thanks to strong crush and crack margins, particularly in North America and Brazil.”

However, LDC said activities in Argentina had been hit by reduced soyabean, corn and wheat crops following a period of drought.

During the period, the group said it had made progress with long-term projects, including the expansion of its canola processing facility in Canada, investments in facilities supporting its grains, oilseeds and sugar origination and logistics activities in Argentina and Brazil, and the construction of its food industrial park and instant coffee joint ventures in China and Vietnam.