ROTTERDAM, NETHERLANDS — Viterra’s revenue reached $28 billion in the first half of 2023, up 18% from $24.3 billion in the same period last year, driven by record sales volumes and the completed acquisition of Gavilon, while the anticipated merger with Bunge Ltd. moves forward.

In its Sept. 13 report, Viterra said EBITDA for the first six months of 2023 ended June 30 was $1.08 billion, a 23% decrease from 2022. Strong margins and volumes in Brazil, Australia and Europe were offset by generally lower margins as the industry moved into a lower price environment compared to 2022, as well as the impact of drought in Argentina.

Adjusted net income was $342 million for the period, a decrease of 49% versus the record first half of 2022. Net income attributable to equity holders was $130 million for the period, a decrease of 77%. Following Viterra’s decision to exit from its Russian operations in March, an impairment loss of $163 million has been recorded while it waits approval of the sale of its entities by Russian regulators.

“Viterra’s strategic focus to expand and diversify our origination capabilities has allowed us to deliver strong results in challenging conditions, welcoming several achievements throughout our business,” said David Mattiske, chief executive officer of Viterra. “We closed the first half of the year with a record 64 million tonnes of commodities marketed across our network, largely thanks to the addition of our recently acquired US and Mexico business, formerly known as Gavilon.”

The total commodities shipped included 39.1 million tonnes of grain, up 54% from 25.4 million tonnes year-over-year, and 22.4 million tonnes of oilseeds, up 43% from 15.7 million tonnes. Overall, sales volume was up 47% from 43.6 million tonnes in the first half of 2022.

In March, Viterra’s Australian business enjoyed its largest volume of grain shipped across one month, with over 990,000 tonnes loaded on to vessels across South Australia. In Brazil, Viterra saw bumper soy and corn exports, resulting in a record of 429,000 tonnes export volume at its Itaqui port terminal in June.

During 2023, Viterra also announced the planned expansion of its grain and ingredient storage facility in Etter, Texas, US. Through its US and Mexico business, Viterra also expanded its distribution network across Latin America, exporting to new destinations, including Peru, Ecuador, Chile, Nicaragua and the Dominican Republic.

On June 13, Bunge and Viterra agreed to an $18 billion merger that will create one of the world’s largest agribusiness firms, moving the combined company closer in size and scope to leading agribusiness giants Cargill and ADM.