Basel (CH) | Shanghai (CN). (sgt) Syngenta Group announced financial results for the first nine months and third quarter of 2023. Group sales for 9M-2023 were USD 24.3 billion, down 6 percent y-o-y (-3 percent CER) and Ebitda was 22 percent lower (-20 percent CER) when compared to an exceptionally strong 2022.
In the first nine months of 2023, the industry-wide channel destocking continued as distributors and retailers further reduced inventories they built up in response to the supply chain disruptions of 2022. Overall farmer income and use of agricultural products, solutions and services remain robust. However, high working capital costs for customers due to sustained higher interest rates prompted many channel partners and farmers to order closer to application. These factors weighed on the comparison with the same period last year, when the Group achieved record sales and profits.
Sales of the Group for the third quarter were USD 6.8 billion, down 13 percent (-13 percent CER) and Ebitda was USD 0.3 billion, down 68 percent from prior year. The Ebitda was significantly impacted by a softer market in Brazil versus a record high in 2022 and a one-time seed inventory correction in Brazil, in addition to the timing of a royalty receipt. For additional info please read the Company’s PDF file below (153 KB):20231111-SYNGENTA-9M-2023