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Swiss Chinese Syngenta Group: Q1 Sales Down 20%

Swiss Chinese Syngenta Group: Q1 Sales Down 20%

Mon, Apr 29th 2024

Syngenta Group sees a sharp downturn across all sectors, with a notable 20% drop in Q1 sales.

KEYSTONE/Maxime Schmid

The Syngenta Group posted significantly lower sales and earnings in the first quarter of 2024.

In the months from January to March, the Syngenta Group’s turnover fell by 20% year-on-year to 7.4 billion US dollars, as the crop protection and seeds manufacturer announced on Monday. At constant exchange rates, the decline would have been slightly lower at 18%.

The sharp decline in sales is primarily due to the ongoing industry-wide reduction in stocks of crop protection products, the report continues. Due to the high interest rates, wholesalers and retailers in particular have reduced their stocks.

Sales declined in all business areas. The sharpest decline was in the largest business with crop protection products (-23%). The Israeli subsidiary Adama (-14%) also posted significantly lower sales than in the same period last year.

As a result, operating profit at EBITDA level fell by a third to CHF 1.2 billion. At constant exchange rates, the drop is still a good quarter. The corresponding margin also fell significantly from 20.2% to 16.7%.

The Syngenta Group is based in Switzerland and is under Chinese ownership. It comprises the business units Syngenta Crop Protection based in Switzerland, Syngenta Seeds based in the USA, Adama based in Israel and Syngenta Group China.

The Swiss company Syngenta AG was taken over by Chemchina in 2015. In recent years, the newly formed group has announced several times that it intends to return to the stock exchange in China. However, the company recently withdrew its application for a listing on the Shanghai Stock Exchange.

©Keystone/SDA

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