Syngenta announces double-digit sales growth for Q2 and H1
Syngenta Group, which is one of the world’s leading agriculture innovation companies, has announced strong financial results for the second quarter and first half of 2022 with all business units achieving double-digit sales growth.
Second quarter Group sales increased by 24 percent to $9.2 billion, up $1.8 billion year-on-year, while EBITDA for 2022 increased 39 percent to $1.7 billion, driven by launches of innovative products and services, increased productivity and prices that offset higher costs, the company said.
Group sales for the first half of 2022 stood at $18.1 billion, up 25 percent ($3.7 billion) year-on-year and EBITDA for the first half of the year was $3.5 billion, 32 percent higher year-on-year.
Syngenta benefited from strong demand for its products and services that help farmers successfully grow crops to address global food security and mitigate the effects of climate change by providing healthy, nutritious, and affordable food.
In addition, the group continued to promote the transition to a regenerative food production system, playing its part by accelerating innovation to nurture and restore soil health, biodiversity, climate and water systems, while enhancing productivity and farmer economics.
Sales increases driven by new launches and strengthening of market position in key geographies, groupwide productivity improvements and higher prices required to offset higher costs, together resulted in EBITDA margin improvement by 1.1 percentage points from a year earlier to 19.5 percent in the first half of 2022.
Moreover, Syngenta Group China delivered strong growth with total sales of $5.3 billion in the first half of 2022 and MAP sales nearly doubled to $1.8 billion, surpassing its sales for the entire 2021.
In the first half of 2022, Syngenta Group China opened 48 new MAP centers, expanding the Group’s capabilities to serve farmers. Average sales per center of the 540 MAP centers across China were up 38 percent year-on-year, helping farmers increase their crop quality and yield while lowering environmental impact.
Synergy-driven sales in the first six months more than doubled to $0.7 billion, with a profit contribution that increased to $0.3 billion.