(NDAgConnection.com) – CHS Inc., the nation’s leading agribusiness cooperative, reported net income of $1.7 billion for the fiscal year ended Aug. 31, 2022, compared to $554.0 million for fiscal year 2021.

“We appreciate the support of our member cooperatives and farmer-owners, which enabled us to deliver a substantial increase in earnings for the fiscal year, while also helping feed people around the world,” said Jay Debertin, president and CEO of CHS Inc. “Additionally, our employees demonstrated their dedication to helping our owners and customers succeed in a turbulent year for agriculture.”

Consolidated revenues of $47.8 billion for fiscal year 2022 compared to $38.4 billion for fiscal year 2021, a year-over-year increase of 24%.

Refining margins in its Energy segment were higher and drove improved earnings due to the tightening global supply and demand landscape.

Meanwhile, the CHS global grain and processing and wholesale agronomy businesses within its Ag segment benefited from strong global demand and increased margins.