ROTTERDAM, NETHERLANDS — Despite ongoing geopolitical, macroeconomic and environmental challenges, earnings and net sales for Louis Dreyfus Co. BV held steady in the first half of 2023.

The company reported net sales of $25.8 billion for the six months ended June 30, compared to net sales of $30.3 billion in the same period a year ago. Earnings before interests, taxes, depreciation and amortization were $1.169 billion, compared to $1.170 billion a year ago. Segment operating results were $568 million compared to $662 million a year ago.

“While international trade flows progressively adapted to last year’s turbulent environment, some challenges persisted into 2023 - a context in which LDC pursued its focus on keeping essential food, feed, fiber and ingredient supply chains moving safely, reliably and responsibly,” said Michael Gelchie, LDC’s chief executive officer. “Leveraging our expertise, diverse portfolio and global network, we successfully navigated a still uncertain and complex market to deliver resilient performance for the first semester, supported by recent developments and investments in asset improvements, in line with our strategic growth plans.”  

The global footprint of the Grains & Oilseeds platform was key in securing strong financial performance in the first half of the year, LDC said. High crop yields in Brazil and strong demand from China opened opportunities at origin and destination for the company’s soy and corn businesses, it said.

“Processing activities also contributed positively to the platform’s performance thanks to strong crush and crack margins, particularly in North America and Brazil,” LDC said.

Activities in Argentina were impacted by reduced soy, corn and wheat crops following drought, it said.

The successful performance of recently acquired grain facilities in Australia, including Emerald Grain’s seven grain storage and receival sites, balanced challenges faced by the wheat business in the Black Sea region and in Argentina, LDC said.

During the first six months of 2023, LDC said it advanced long-term projects and initiatives 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, inaugurated in September.

LDC also established a new Food & Feed Solutions Platform in January to address favorable market trends toward nutritious, nature-based products and ingredients, with a focus on developing and growing its presence in the lecithin, glycerin and specialty feed protein space – for example, through the addition of glycerin refining and edible oil packaging lines at its palm refining complex in Indonesia, announced in July.

The group also took an important step for the acceleration of its decarbonization journey, announcing in March a 33.6% reduction target for its Scope 1 & 2 greenhouse gas emissions by 2030, compared to 2022 as its baseline year, progress toward which was reported in LDC’s latest Sustainability Report, as part of its environmental, social and governance (ESG) goals and commitments.  

“In these challenging and rapidly changing times, I am very proud of the considerable achievements we have accomplished so far this year, pursuing our work to help feed and clothe millions of people worldwide, guided by our purpose to create fair and sustainable value in everything we do,” Gelchie said. “I am grateful to our teams for their hard work and unwavering dedication to our mission, as well as to our partners around the world for their enduring trust, and I am confident that together, we will continue to build on our positive momentum, during the second half of 2023 and beyond.”