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Sales in the January-September period fell 6 percent to $24.3 billion, the plant protection and seed maker said Thursday. There was a 3 percent decrease when calculated at constant exchange rate.
Last year, the global food crisis and the consequences of climate change increased demand for Syngenta Group’s plant protection products. However, Syngenta said in a statement that the reduction in stocks is now continuing across the industry.
Operating profit (EBITDA) fell 22 percent to $3.5 billion due to the decline in sales. Here too, exchange rates had a negative impact. Accordingly, adjusted EBITDA was 20 percent below the previous year.
Syngenta continues to focus on productivity improvements, cost reductions and price adjustments to mitigate last year’s cost increases. The group’s EBITDA margin was 14.6 percent in the first nine months of 2023, below the record level of the previous year. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
