Swiss agrichemicals and seeds group Syngenta generated double-digit growth in the second quarter ahead of the Chinese-owned company’s planned flotation by year’s end.
Sales increased 24 per cent to $9.2 billion (€9.2 billion) while earnings before interest, tax, depreciation and amortisation (Ebitda) rose 39 per cent to $1.7 billion, the company said, citing launches of new products and services, increased productivity and prices that offset higher costs.
All business units achieved double-digit sales growth in the quarter and the first half of 2022, it said. Its Ebitda margin improved by 1.1 percentage points from a year earlier to 19.5 per cent in the first half of 2022.
Syngenta Group had increased first-quarter sales by 26 per cent to $8.9 billion as farmers bought seeds and sprays early to avoid possible shortages, the company said in April. Core profit rose 25 per cent to $1.9 billion in the first three months.
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Syngenta, which competes with US company Corteva and Germany’s BASF and Bayer, was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp last year. The parent company plans to keep a majority stake after the $10 billion flotation, which is expected to value Syngenta at around $50 billion. — Reuters
