ADM net earnings up 28% in 2020
The company ADM (Archer Daniels Midland Co.) received USD 1,77 bln of net earnings for the year 2020, 28.5% higher YoY (2019: USD 1,38 bln).
Net earnings for Q4 2020 stood at USD 687 mln, 36.3% higher from the previous year's comparative period (Q4 2019: USD 504 mln).
“Our Ag Services and Oilseeds team delivered outstanding results in 2020, crossing the USD 2 bln profit mark by capitalizing on our unparalleled and flexible global footprint to meet strong demand. With continued strong global demand for grains and oilseeds as well as meal and oils, we are confident in another outstanding performance from Ag Services & Oilseeds in 2021," said Chairman and CEO Juan Luciano.
The company's revenue in Q4 2020 improved by 10.09% to USD 17.98 bln, for the year 2020 it totalled USD 64.36 bln, down by 0.5% YoY.
The gross profit in Q4 2020 dropped by 15.6% to USD 1.35 bln (Q4 2019: USD 1.17 bln).
Y2020 gross profit revised upward by 7.4% to USD 4.45 bln.
ADM's EBITDA for the four quarters ended Dec. 31, 2020, made up USD 3.66 bln.
"Ag Services results were significantly higher than the prior-year period, driven by great execution in North America, where the business capitalized on strong global demand, particularly from China, to deliver higher export volumes and margins," the report reads.
Previously reported that the Ukrainian subsidiary ADM Ukraine was refunded UAH 517.14 mln of VAT in December 2020.