Basel (CH) | Shanghai (CN). (sgt) Syngenta Group announced financial results for the first half of 2024. Sales for the first half of 2024 were USD 14.5 billion, down USD 3.0 billion or 17 percent year-on-year, compared to a strong 2023 H1. Sales were down 15 percent at constant exchange rates (CER).
Ebitda for the first half of the year was USD 2.1 billion, 36 percent lower (-30 percent at CER) year-on-year. The Group’s Ebitda margin for the first half of 2024 was 14.1 percent, down 4.2 percentage points compared to 18.3 percent in H1 2023.
Sales for the second quarter 2024 were USD 7.2 billion, down USD 1.1 billion or 14 percent (-11 percent at CER). In Q2-2024, Ebitda was 39 percent lower than the prior year (-35 percent at CER) at USD 0.8 billion. Sales remained affected by significant industry-wide channel destocking in Crop Protection. Overall farmer income was lower, and distributors and retailers continued to cut inventories to address the pressure of reducing working capital amid the higher interest rate environment. These factors, in addition to a provision reduction in 2023 and unfavorable mix, weighed negatively with the Ebitda comparison from the same period last year.
Sales were additionally impacted by lower farmer income from reduced agricultural commodity prices and unfavorable weather, especially in the United States, at the beginning of the planting season, as well as an overcapacity in the market for some commodity crop protection products.
In a challenging market, Syngenta Group introduced additional measures to enhance productivity, operational efficiency and cash flow, reducing capital expenditures and working capital. Despite the market challenges, cash flow in the first half improved significantly compared to the prior year.
With signs of market stabilization and a lower 2023 baseline, Syngenta Group expects sales and margin improvements in the second half. For additional info please read the Company’s PDF file below (157 KB):
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