EBITDA increases in the second quarter 25 per cent to $1.2 billion
Syngenta Group recently reported strong financial results for the second quarter and the first half ended June 30, 2021. Group sales in the second quarter were $7.4 billion, up 28 per cent versus Q2 2020 (+25 per cent at CER). EBITDA increased in the second quarter 25 per cent (+38 per cent at CER) to $1.2 billion.
Group sales for the first half of 2021 were $14.4 billion, up 24 per cent year-on-year (+18 per cent at CER). EBITDA for the first half of the year was $2.7 billion, 22 per cent higher year-on-year (+25 per cent at CER). Prices of most grains remained robust during the first half of 2021, resulting in increased planted area and higher demand. Demand was strongest for Syngenta Group products that help farmers combat ongoing drought conditions in North and Latin America, especially the western US and Brazil, as well as cold snaps in Europe and floods worldwide.
The Group has invested heavily in agtech and has leading technology in precision agriculture, wheat hybridisation, biotechnology and gene editing traits. Through strategic investments, Syngenta Group has created multiple digital platforms with farm management tools that help farmer sustainability and increase sales. Syngenta Group biologicals sales, including Valagro, demonstrated 27 per cent growth in the first half which further strengthens the Group’s leading position in this rapidly growing market.
“Our continued strong performance and results demonstrate how our teams around the world are serving farmers and helping them address the challenges of COVID-19 and be part of the solution to climate change. We are focused on developing and launching products and services that enable farmers to grow good crops despite the drought, heat, flooding, and high wind or other weather extremes,” said Erik Fyrwald, Group CEO, Syngenta
Chen Lichtenstein, Group CFO, Syngenta said, “Our teams have again delivered double-digit sales and strong profit growth across all our business units. We have launched innovative products, tapped into growth synergies for the Group, controlled costs, and managed to meet the increased demand of our customers even as the pandemic continues. Our focus on R&D and targeted acquisitions will help us drive future growth.”
