Global agribusiness giant Louis Dreyfus Company (LDC) saw net profits rise by 66% in 2020 helped by a rise in food demand during the COVID-19 pandemic, World Grain reported on 25 March.

Group net income was US$382M in 2020, up from $230M the previous year while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 58% to US$1.32bn from US$836M, the report said.

Net sales remained stable year-on-year, at US$33.6bn while segment operating results rose 63% year-on-year to US$1.56bn, World Grain wrote.

“In a year marked by an unprecedented global crisis, LDC’s reach, expertise and adaptability proved more important than ever, enabling us to keep essential supply chains active and deliver significantly improved results, while pursuing our strategic plans,” LDC CEO Michael Gelchie was quoted as saying.

Demand had remained resilient for all the group’s main products, except cotton and bioenergy, due to lockdowns affecting demand in the textile and energy sectors, the report said.

Louis Dreyfus Company is a leading merchant and processor of agricultural goods with operations in grains and oilseeds; coffee; cotton; juice; rice; sugar and freight.