A logo is seen at the headquarters of agrochemical manufacturer Syngenta in Basel, Switzerland, January 30, 2020. REUTERS/Arnd Wiegmann
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ZURICH, Aug 30 (Reuters) – Swiss agrochemicals and seeds group Syngenta posted double-digit growth in the second quarter ahead of the Chinese-owned company’s planned IPO by the end of the year.
Revenue rose 24% to $9.2 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) rose 39% to $1.7 billion, the company said, citing new product launches and services, increased productivity, and prices that offset higher costs.
All business areas achieved double-digit sales growth in the quarter and first half of 2022, it said.
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The EBITDA margin improved by 1.1 percentage points year-on-year to 19.5% in the first half of 2022.
Syngenta Group increased first-quarter sales 26% to $8.9 billion as farmers bought seeds and sprays early to avoid potential shortages, the company said in April. Core earnings rose 25% in the first three months to $1.9 billion. Continue reading
Syngenta, which competes with US company Corteva (CTVA.N) and German companies BASF (BASFn.DE) and Bayer (BAYGn.DE), was bought in 2017 for $43 billion by ChemChina, which became Sinochem Holdings Corp (600500.SS ) last year.
The parent company plans to retain a majority stake after the $10 billion IPO, which is expected to give Syngenta a value of around $50 billion. Continue reading
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Reporting by Michael Shields and John Revill
Our standards: The Thomson Reuters Trust Principles.
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