Syngenta increases Q3 sales by 27%

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ZURICH (Reuters) – Syngenta Group, the Swiss agrochemicals group which aims to raise $10 billion from an initial public offering this year, increased its third quarter sales by 27%, the Chinese-owned company said on Thursday.

It increased its sales to $6.5 billion from $5.1 billion a year earlier as it cashed in on higher grain prices while it tackled what it called a worsening supply chain situation.

Syngenta said it was “actively managing” its supply chain to offset global market constraints, a situation made worse in China by energy shortages hitting pesticide and crop nutrition manufacturing during the third quarter.

Procurement, logistics and other operating cost increases were partially offset by higher selling prices across all businesses, Syngenta added.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 13% to $800 million, the company said.

Syngenta was seeing particularly strong demand for products which help farmers overcome extreme weather conditions such as a spray made from seaweed which helps grape vines deal with temperature extremes.

Syngenta, which competes with Germany’s Bayer and U.S. agrochemicals company Corteva, was bought by state-owned ChemChinafor $43 billion in 2017, and is now poised for a flotation.

The Shanghai stock exchange this month resumed a review of the flotation, after the process was temporarily suspended when the company needed to provide updated financial reports.

(Reporting by John Revill)

Source: KFGO


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