KWS Reports Strong Performance in First Nine Months of FY 2023/2024

KWS SAAT SE & Co. KGaA announced a substantial increase in sales and earnings for the first nine months of the fiscal year 2023/2024. Confirming its preliminary figures shared on April 30, 2024, the company reported a 10.4% growth in revenue, reaching €1,360.4 million. Excluding foreign exchange impacts, the growth rate stood at 18.4%. Additionally, earnings before interest and taxes (EBIT) rose by 47.8%, achieving €336.4 million.

The robust financial performance was notably supported by a strong season in the sugarbeet segment, which utilizes innovative and sustainable solutions. The earnings were positively influenced by the sale of KWS's Chinese corn business, contributing approximately €30 million. Following this disposal, the company's focus has shifted towards plant-based food solutions, aiming for improved profitability, as outlined by CFO Eva Kienle.

Despite successful sales figures, the financial results weakened, with a significant drop to €–24.7 million. The overall effective tax rate increased, leading to earnings after taxes of €228.5 million, up from the prior year's €167.3 million. Free cash flow was reported at €–89.6 million, affected by higher trade receivables and inventory levels.