April 29, 2019 / 1:09 PM / a month ago

Cargill's profits in Brazil grow 15 percent to 680 million reais

FILE PHOTO: A Cargill sign is seen during the China International Import Expo (CIIE), at the National Exhibition and Convention Center in Shanghai, China November 5, 2018. REUTERS/Aly Song

SAO PAULO (Reuters) - Grains trader Cargill Inc grew its profits in Brazil by 14.6 percent to 680 million reais ($173 million) in 2018, the company said on Monday, as it prepares to invest 500 million reais in the country throughout 2019.

Cargill is Brazil’s second largest exporter of soy and corn, according to Williams Shipping Agency, a Brazil-based firm. Revenue in 2018, which includes agricultural products as well as animal feed, grew to 46.5 billion reais.

The company said its investment in Brazil would focus on a pectine agen, which is used in the production of beverages such as juices. Cargill said it chose to develop this product in Brazil because of the country’s wide variety of citric fruits.

Reporting by Jose Roberto Gomes; Editing by Chizu Nomiyama

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