Syngenta Group Reports Strong Performance in Q3 2022

Date:

2022-11-02 

Source:

Syngenta Group
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Lately, Syngenta Group announced its financial results for the third quarter and first nine months of 2022. Third-quarter Group sales increased 20% year-on-year (YoY) to $7.9 billion; EBITDA increased 24% YoY to $1 billion, driven by higher sales of innovative products and services, increased productivity and price offsetting higher costs.

Group sales for the first nine months were $25.9 billion, up 24% YoY; EBITDA reached $4.6 billion, 30% higher YoY.

Syngenta Group’s strong performance continued in the third quarter despite an increasingly challenging macroeconomic environment, including continued appreciation of the US dollar. All business units saw good momentum, benefitting from solid demand for the Group’s diverse products and services which help advance regenerative agriculture, enabling farmers to grow crops sustainably while enhancing yields. Sales growth was attributable to a significant increase in sales across all business units, driven by robust grain prices, agricultural development and inventory increase  across the value chain. Necessary higher pricing was set to help mitigate higher costs.

Syngenta Group China’s MAP sales grew 80% to $2.6 billion in the first nine months and expanded to 565 centers by the end of September, and the average sales per center were up 30% YoY.

Syngenta Group’s digital offerings have reached 208 million acres globally, benefitting from strong uptake by farmers in major markets.

Amidst global macroeconomic challenges, Syngenta Group continued to manage its supply chains to mitigate higher procurement, logistics, and energy costs. EBITDA margin increased 0.9 percentage from a year earlier to 17.6% in the first nine months of 2022. Synergy-driven sales in the nine months more than doubled to $1.1 billion, with profit contribution increased to $0.4 billion.