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![]() Oct. 31, 2024 Source: Syngenta Group news release Basel, Switzerland / Shanghai, China -- Syngenta Group today announced financial results for the third quarter and the first nine months of 2024. Sales for the third quarter 2024 were $6.8 billion, flat compared to the prior year period (up 4 percent at CER). In Q3 2024, EBITDA more than doubled to $0.7 billion (159% at CER), compared to a lower baseline in Q3 2023. Sales for the first nine months of 2024 were $21.4 billion, down $3.0 billion or 12 percent year-on-year, compared to a strong first nine months in 2023. Sales were down 9 percent at constant exchange rates (CER). EBITDA for the first nine months of the year was $2.7 billion, 23 percent lower (-12% at CER) year-on-year. The Group's EBITDA margin for the first nine months of 2024 was 12.9 percent, down 1.7 percentage points compared to 14.6 percent in the same period last year. Adverse weather conditions across key markets affected applications of crop protection products. Sustained price pressure, particularly in the commoditized segments of the crop protection portfolio (and notably in Latin America), and reduced grower profitability had an impact on demand. Crop commodity prices have continued to decline, reducing farmer income and hampering demand for input materials. The crop protection market is showing initial signs of recovery with channel inventories now closer to normal levels. Syngenta Group expects the market to further recover after the first half of 2025 with a market also less impacted by lower crop prices and overcapacity. Syngenta Group has continued to implement further initiatives to drive profitability improvements, streamlining operations and improving cash flow, including optimizing working capital. Syngenta Crop Protection Syngenta Crop Protection sales were 16 percent lower at $9.5 billion in the first nine months of 2024. Biologicals delivered further strong growth in the first nine months, growing 5 percent versus the previous period in 2023. In the first nine months, sales in North America were 28 percent lower due to ongoing channel destocking. Sales were down 15 percent in Europe and 11 percent lower in Asia, the Middle East & Africa. Sales in Latin America were 13 percent lower. Sales in China were up 10 percent driven by strong growth momentum from new products and biologicals. During the quarter, the biologicals business continued to show promising growth with sales also up 10 percent. The introduction of Syngenta's most advanced crop protection innovations in more markets around the world continued apace, with the successful launches of the nematicide and fungicide containing TYMIRIUM® technology in China and Chile, and the best-in-class fungicide containing ADEPIDYN® technology in India and the UK, and a new product formulation to address fungal disease in rice crops in India. ADAMA ADAMA sales declined 14 percent to $3.0 billion in the first nine months of 2024. In the first nine months of the year, sales in Europe, Africa and the Middle East were 12 percent lower. Latin America sales were 25 percent lower. North America sales were up 1 percent, while sales in Asia Pacific (excluding China) were 15 percent lower. Sales in China were 15 percent lower as well. ADAMA successfully launched Upturn® in India, powered by Ayalon™ formulation technology for enhanced spreading and penetration. Upturn® is a microemulsion formulation herbicide combining the active ingredients Fomesafen and Propaquizafop, providing control over both broadleaf and grassy weeds, ensuring enhanced crop protection for pulses and soybeans. Syngenta Seeds Seeds sales were $3.2 billion in the first nine months of 2024, down 2 percent year-on-year. Field Crop sales in Brazil were up 13 percent; China continued with very strong growth delivering 31 percent increase in sales; and North America was up 4 percent. Europe sales were 1 percent lower; Asia, Middle East & Africa down 24 percent; and LATAM sales 26 percent lower. Sales of Vegetable Seeds increased by 9 percent and sales of Flowers were 2 percent higher. Brazil received record approval of the critical Corn Lep 2.1 trait by CTNBio. In China, Syngenta continued with accelerated product launches, especially in corn and rice, resulting in a number one position on the National Registered Varieties list with 54 new corn products. North America benefitted from share growth in its branded and licensed soybean business. Europe trials showing strong performance of new products in the early corn silage market, and the sunflower herbicide tolerant A.I.R. trait is leading to several licensing agreements. Asia, Middle East & Africa saw high double-digit corn volume increase Q3 24 versus Q3 23 despite a very challenging regulatory environment. LATAM is working closely with farmers on last-minute decision making due to economic uncertainty and acreage shift due to corn stunt disease. Syngenta Vegetable Seeds opened a new world-class small seed processing facility in the U.S., increasing the processing volume of this business with up to 30 percent more capacity to meet growing demand for high-quality vegetable seeds. The business also hosted thousands of growers and industry stakeholders from around the world at innovation showcase events in the Netherlands and U.S. Syngenta Group China Syngenta Group China achieved sales of $7.6 billion in the first nine months of 2024, 10 percent lower year-on-year. Sales of Seeds grew 30 percent. Sales of Branded Formulation were 2 percent higher. Sinofert sales were 1 percent lower. Yangnong Chemical sales were 16 percent lower. Grain trading business sales were 39 percent lower due to a significant reduction in rice-to-feed volume. In the third quarter in China, Crop Protection achieved three new formulation registrations. The advancement of the "Bio+" strategy in the crop nutrition business continued, with a 28 percent increase in biofertilizer gross profit. In Seeds, in the first nine months of 2024, 134 new varieties were certified, achieving the #1 ranking in newly approved rice and corn varieties. To read the entire report click here. Tweet |
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