Syngenta Group Reports Decline in Q1 2024 Financial Results

Syngenta Group announced its financial results for the first quarter of 2024, noting a decline in sales and EBITDA compared to the same period last year. The group detailed sales of $7.4 billion, a decrease of 20% year-over-year, with EBITDA also falling by 34% to $1.2 billion. These results were expected due to ongoing destocking by distributors and retailers as they tackle a higher interest rate environment, aiming to reduce working capital.

The quarter saw varied performance across Syngenta’s business units. Crop Protection sales fell by 24%, while ADAMA experienced a 16% decline. Syngenta Seeds reported an 8% decrease, although it achieved growth in certain categories like Vegetable Seeds and Flowers, primarily in China.

Regionally, North America showed the most significant downturn in sales, while business in China displayed resilience in some areas despite overall declines. Amidst these challenges, Syngenta continues to focus on improving operational efficiency and embedding sustainability deeper into its business strategy.