Record profits for Cargill
Cargill reported record profits of $4.24 billion, beating the previous high of $3.95 billion from 2007-08, and a 63% increase of the $2.6 billion it earned last year, the Financial Times reported.
The company, established in 1865, is controlled by 80 members of the Cargill and MacMillan families, descendants of founder William Wallace Cargill. The FT article said:
The company does not disclose its dividends policy to the families, but according to a report last December by Moody's, the rating agency, it limits pay-outs to 20 per cent of trailing two-year earnings.
The FT report noted that Cargill benefited from disruptions in global food supplies, including stockpiling by governments, strong demand in emerging markets and disappointing crop yields. (Source: Financial Times, Aug. 10, 2011.)
Posted Wednesday, August 10, 2011 • Permalink
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