The American ADM, one of the largest agribusiness companies in the world, had a net profit of US$729 million in the first quarter of 2024, a drop of 38.7% compared to the same period in 2023.
The company’s revenue fell from US$24.07 billion in the first quarter of last year, to US$21.8 billion in the same period in 2024. The main reason was the drop in the price of agricultural commodities.
Quarterly operating profit was US$1.3 billion, an annual drop of 24%.
“ADM’s solid first quarter results demonstrated our team’s ability to execute our strategy with agility in the face of anticipated challenging market conditions,” said the company’s Chairman and CEO, Juan Luciano.
By segment, the oil and seed services area recorded a quarterly operating profit of US$1.3 billion, a drop of 24%. The carbohydrate solutions area showed a profit decline of 11%, to US$ 242 million.
In nutrition, the drop was 39%, with a result of US$84 million. Finally, what ADM calls “other businesses” recorded US$121 million in operating profit, compared to US$97 million a year earlier.
