ROTTERDAM, NETHERLANDS — Powered by record annual sales volumes of 127 million tonnes, Viterra Ltd. recorded revenue of $54.67 billion, earnings before income tax, depreciation and amortization (EBITDA) of $2.147 billion and net income of $453 million in 2023. The company’s performance comes amid its pending merger with Bunge Global SA, expected to be completed later this year.

“In a year characterized by geopolitical, logistical and environmental challenges, 2023 provided opportunity for Viterra to demonstrate the true strength and resilience of its network,” said David Mattiske, chief executive officer of Rotterdam, Netherlands-based Viterra. “This achievement (record sales), during what has been a turbulent year for the agriculture industry, reflects the positive addition of our US & Mexico business, as well as the expertise, agility and commitment of our people.”

In its 2023 Annual Report, Viterra said revenue was up 2% from $53.85 billion in 2022, driven by the record sales volume, which more than offset the impact of a reduced-price environment. Viterra credited the successful integration of Gavilon following its acquisition in October 2022 and growth in origination volumes in Brazil, Argentina and Europe for its overall sales volume growth in 2023.

Viterra’s marketing volumes in 2023 included 75.9 million tonnes of grain, which was up 17% from 2022, while oilseeds jumped 40% to 47.8 million tonnes. Grain generated $26 billion in revenue during the past year, and oilseeds revenue was $25.93 billion.

The impacts of the drought in Argentina and tighter origination margins in Canada were offset by strong contributions from Europe, Australia and Brazil, as well as the addition of the US & Mexico business through the Gavilon acquisition.

In October, Viterra sold all of its Russian businesses for an aggregate consideration of $82 million, none of which remained payable on Dec. 31, resulting in a gain of $3 million. The disposals included the wholly owned subsidiaries MZK Export LLC, Rostovsky KHP LLC and Antex+ LLC, sold for an aggregated cash consideration of $42 million, and a 50% equity interest in a joint venture, Taman Grain Terminal Holdings Ltd, sold for a cash consideration of $40 million.

Also in October, Viterra sold its 50% equity interest in Advanced Organic Materials (AOM) for an initial total consideration of $46 million. 

Looking ahead for 2024, Mattiske said Viterra’s combination with Bunge will provide greater market access across its network, while crop production recovery in Argentina and North America are expected to buoy its business performance.

In June 2023, Viterra agreed to combine with Bunge in an $18 billion deal. During the regulatory and preclose phases, Viterra said it remains focused on maintaining a strong operational performance. The companies began integration planning in October with the merger expected to close mid-2024.

“The combination of our highly complementary businesses will allow us to fast-track our core growth strategies, further strengthening our business portfolio through a diversified earnings mix,” Mattiske said. “The combination of Viterra and Bunge will open new opportunities for our people and create significant value for our customers and investors.