ROTTERDAM, NETHERLANDS — Net income at Viterra in the six months ended June 30 was $414 million, up 115% from $192 million in the same period a year ago. EBITDA for the period was $991 million, a 58% increase from the first half of fiscal 2020. Viterra said it experienced positive contributions across all areas of its business in the first half of fiscal 2021, from origination, storage and handling, and logistics through to processing, seaborne trade and marketing.

Revenue was $19.87 billion, up 42% from $14.03 billion, primarily driven by significant rallies in core commodity prices, in particular for the soybean complex, rapeseed and biodiesel complex, and feed grains.

Sales volume in the first half of fiscal 2021 totaled 44.5 million tonnes, up 2% from 43.6 million tonnes in the same period a year ago. Grains totaled 26.5 million tonnes, down 2% from 27.1 million tonnes in the same period a year ago.

“Sustained high demand into Asia boosted seaborne trade for feed grains and vegetable oils, which supported our origination and pipeline networks from Canada, South America and the Black Sea,” said Peter Mouthaan, chief financial officer. “In Australia, we saw a recovery in earnings compared to 2020 due to the return to average crop sizes after a period of drought. Freight earnings increased year-on-year, as we were able to rely upon our in-house chartering department capabilities to shelter our commodity business lines against the tightening supply of bulk carrier vessels on the back of growing seaborne traded volumes.

“Our asset footprint in Europe and North America allowed us to benefit from strong softseed crush and refining margins supported by new renewable fuel mandates and the lifting of global lockdowns.”

Reflecting on the last half of 2020 and first half of 2021, David Mattiske, chief executive officer of Viterra, said the company was able to continue to improve its network, review and optimize its business and assets, expand its marketing networks, strengthen transparency within its supply chains, and increase its origination presence.

“In Europe, we have started construction of our new oilseed refinery in Hungary, purchased the Everi port terminal in Ukraine, expanded our storage and distribution of meal products in the UK, and completed a new Advanced Organic Materials (AOM) facility in Spain,” Mattiske said. “We also completed our rapeseed refinery expansion in the Czech Republic, resulting in additional production gains while reducing costs.

“In India, we completed an extensive restoration of port warehouses in Kolkata and invested in the Rajkot pulse processing facility.

“In South America, we improved the efficiency of our sugar and wheat milling operations in Brazil, and upgraded our port terminal in Galván, Argentina. Since increasing our stake and taking over management of Renova, we have seen improvements in its operations.

“In Australia, we have made excellent progress with our site optimization plan, consolidating and investing our assets, which includes the construction of a soybean meal shed to support our protein meal import program.

“Additionally, in Canada we continue creating efficiencies with the expansion of six storage and handling facilities.”