Syngenta Group today reported strong financial results for the second quarter and first half ended June 30, 2021. Group sales in second quarter were $7.4 billion, up 28 percent versus Q2 2020 (+25 percent at CER). EBITDA increased in the second quarter 25 percent (+38 percent at CER) to $1.2 billion.
Group sales for the first half of 2021 were $14.4 billion, up 24 percent year-on-year (+18 percent at CER). EBITDA for the first half of the year was $2.7 billion, 22 percent higher year-on-year (+25 percent at CER).
Prices of most grains remained robust during the first half of 2021, resulting in increased planted area and higher demand. Demand was strongest for Syngenta Group products that help farmers combat ongoing drought conditions in North and Latin America, especially the western United States and Brazil, as well as cold snaps in Europe and floods worldwide.
Strong Syngenta Group first quarter 2021 performance continued in the second quarter. All business units achieved double-digit growth in the first half of 2021. EBITDA margin held, despite logistics and cost inflation, driven by new innovations and productivity.
The Group has invested heavily in agtech and has leading technology in precision agriculture, wheat hybridization, biotechnology and gene editing traits. Through strategic investments, Syngenta Group has created multiple digital platforms with farm management tools that help farmer sustainability and increase sales. Syngenta Group biologicals sales, including Valagro, demonstrated 27 percent growth in the first half which further strengthens the Group’s leading position in this rapidly growing market.
“Our continued strong performance and results demonstrate how our teams around the world are serving farmers and helping them address the challenges of COVID-19 and be part of the solution to climate change. We are focused on developing and launching products and services that enable farmers to grow good crops despite drought, heat, flooding, and high wind or other weather extremes,” said Syngenta Group CEO Erik Fyrwald. “Our results demonstrate that we are meeting the needs of local growers not only with our sustainable products, but also with our digitally enabled services.”
Syngenta Group CFO Chen Lichtenstein said, “Our teams have again delivered double-digit sales and strong profit growth across all our business units. We have launched innovative products, tapped into growth synergies for the Group, controlled costs, and managed to meet the increased demand of our customers even as the pandemic continues. Our focus on R&D and targeted acquisitions will help us drive future growth.”
