Swiss Syngenta's 2011 net income up 14%, sales volume up 11%

08 February 2012 07:09  [Source: ICIS news]

SINGAPORE (ICIS)--Syngenta’s net income for the full year 2011 increased by 14% year on year to $1.6bn (€1.2bn), as sales grew by 14%, the Switzerland-based agribusiness group said on Wednesday.

The group’s sales rose to $13.3bn, up from $11.6bn in the previous year, Syngenta said in a statement.

Its sales volume grew by 11% year on year, while prices edged up by 1%, the statement said.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 18% at constant exchange rates to $3.0bn, reflecting good volume growth and higher prices in both the crop protection and seeds units, it added.

“Corp prices in 2011, although volatile, continued to be supported by ongoing growth in demand,” said Syngenta CEO Mike Mack.

The group’s crop protection division sales for 2011 grew by 12% at constant exchange rates to $10.2bn, while sales volumes rose by 11% and prices edged up by 1%, the statement said.

Total seeds sales were up by 12% at a constant exchange rate for the year 2011 compared with the previous year, while sales volumes rose by 9% and prices increased by 3%, the statement added.

“Volume growth was driven by corn and soybean and by diverse field crops [business segments],” it said.

The group expects its combined business to achieve an increase in EBITDA margins in 2012, with cash flow expected to remain strong, Mike Mack said.

“Notwithstanding the current economic uncertainty, we look forward to sustained sales growth and further market share gains,” he added.

($1 = €0.75)

By: Samuel Wong

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