A logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel, Switzerland January 30, 2020. REUTERS
ZURICH, April 30 (Reuters) – Swiss-based seeds and agrochemicals company Syngenta Group on Thursday reported slightly higher sales and profit during its first quarter due to strong growth in China and efficiency gains.
The Chinese-owned company, which is planning a flotation on the Hong Kong Stock Exchange, said its sales increased by 2% to $6.4 billion in the first three months of the year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 5% to $1.4 billion, said Syngenta, which competes with U.S.-based Corteva and Germany’s BASF and Bayer.
Syngenta, which is owned by Chinese state-owned group Sinochem said the improvement was due to its focus on more profitable new products as well as continued efficiency improvements.
“This good result was achieved despite a market environment shaped by geopolitical uncertainty and trade disruption,” Syngenta said.
Crop protection sales rose by 3%, supported by the strong growth in China and Europe, while sales in Syngenta’s seed business rose by 7%.
Syngenta’s China business increased sales grew by 1%. When the effect of its exit from the grain trading business was removed, sales grew by 11% compared with a year earlier.
Reporting by John Revill, Editing by Linda Pasquini
