Sales of first quarter of 2021 were $7.1 billion, up 20 percent compared to Q1 2020.
Syngenta Group Co., Ltd. has reported strong results for the first quarter of 2021. First quarter sales were $7.1 billion, up 20 percent compared to Q1 2020. This corresponds to a growth of 18 percent at constant exchange rates (CER). First-quarter EBITDA increased 19 percent (29 percent at CER) to $1.5 billion.
Following a robust full year 2020 performance, Syngenta Group continued its strong growth trajectory in Q1. All businesses delivered broad-based, double-digit growth. EBITDA increased significantly and EBITDA margin was maintained with a focus on operational efficiency.
Syngenta Group’s cutting-edge technology and industry-leading R&D pipeline continues to fuel growth. The Group’s Biologicals sales have grown by more than 40 percent compared to the same period last year, and with recently acquired Valagro, sales more than doubled.
Syngenta Group China has grown strongly across all segments. Modern Agriculture Platform (MAP), which provides farmers access to market-leading technologies, tripled in revenue from Q1 2020. Biologicals more than doubled in size, supported by the recent acquisition of Valagro. MAP has tripled revenues to more than $280 million in Q1, facilitating farmer access to the latest, innovative technologies and practices, and enhancing their profitability. The farmer-centric ecosystem continued to rapidly expand in China, now present in 365 locations and partnering with over 200 organizations, connecting growers, markets and consumers. Recent acquisitions of Winall Hi-tech Seed’s stake (Winall) and Jiangsu Huifeng Bio Agriculture’s domestic activity (Huifeng) further helped strengthen business in China.
Q1 synergy-driven sales grew 45 percent year on year. Group-wide synergies continued to advance from last year’s more than $400 million sales and over $200 million profit contribution.
The world entered 2021 with lower stock-to-use ratios for key agricultural commodities compared to recent years. Higher consumption, in particular in China, supports higher grain prices which benefits farm income, and in turn underpins demand for Syngenta Group’s advanced products and solutions.
Syngenta Group CEO Erik Fyrwald said, “Syngenta Group’s focus on bringing innovative sustainable products and services to farmers all over the world has enabled us to continue to accelerate our growth. With our cutting-edge technology and digital tools, we are helping transform agriculture to fight climate change.”
Syngenta Group CFO Chen Lichtenstein said, “We delivered strong sales and profit growth across all business units. Our success in China is fuelled by our strong offering and farmer-centric ecosystem. We aim to continue driving growth, focusing on operating margins and further accelerating our innovation pipeline.”
