CHS Inc., the nation’s leading agribusiness cooperative, St. Paul, Minnesota, reported net income of $1.9 billion for the fiscal year ended Aug. 31, 2023, compared to $1.7 billion for fiscal year 2022.
Key drivers for fiscal year 2023 financial results include:
- Consolidated revenues of $45.6 billion for fiscal year 2023 compared to $47.8 billion for fiscal year 2022.
- Energy segment delivered strong earnings, reflecting continued favorable market conditions in our refined fuels business.
- Robust meal and oil demand contributed to higher earnings in our soybean and canola processing business.
- Equity method investments performed well, particularly CF Nitrogen and Ventura Foods.
“The support of our member cooperatives and farmer-owners, dedication of our employees, exceptional operational performance and favorable market conditions enabled us to achieve the strongest earnings in our history during fiscal year 2023,” said Jay Debertin, president and CEO of CHS Inc. “As a result, CHS intends to return $730 million in cash patronage and equity redemptions to our member cooperatives and farmer-owners in fiscal year 2024, demonstrating our commitment to sharing profits with the producers, local cooperatives and rural businesses that work with us to help feed people around the world.
“Our shared success showcases the unique power of the cooperative system to keep adapting and advancing through the uncertainties that can come with agriculture. We will continue to collaborate, innovate and invest to meet the growing global demand for agricultural products,” Debertin said. “A diversified portfolio, coupled with strategic investments in supply chain capabilities and emerging market opportunities, positions CHS to create a better company for the future and to maximize value for our owners and customers.”
