Syngenta Group has announced strong results for the first quarter of 2022. First quarter sales increased to $8.9 billion, up 26 percent. First-quarter EBITDA for 2022 increased 25 percent to $1.9 billion.
Syngenta Group’s growth continued from 2021 benefiting from early demand for products and services, including launches of new innovative solutions, which help farmers increase yields and address climate change.
Syngenta Group China delivered strong growth with total sales of $2.4 billion in the first quarter of 2022. MAP revenues more than doubled to $650 million and continued to expand to 514 centers (149 new centers from end of Q1 2021) across China, with average MAP center sales up 57 percent year on year, serving farmers with solutions that increase yields and reduce greenhouse gas emissions.
The company managed its supply chains in the face of procurement and increasing logistics challenges to meet grower needs. Procurement, logistics, energy and other operating cost increases and negative currency effects were offset by productivity improvements and higher selling prices across all businesses.
Synergy-driven sales increased by more than 140 percent in Q1 year on year to more than $0.3 billion, with a profit contribution that tripled to $0.1 billion in the quarter.
Syngenta Crop Protection
In the first quarter of 2022, Syngenta Crop Protection sales grew 25 percent to $4.2 billion.
Sales in Europe, Africa and the Middle East grew 8 percent and in Asia Pacific (excluding China) 5 percent. Driven by exceptional demand, sales in Latin America increased 70 percent; North America 43 percent; and China 46 percent. Higher prices offset higher costs.
ADAMA
ADAMA sales grew 28 percent in the first quarter to $1.8 billion, helped by early demand.
Sales in Europe grew 6 percent; North America 47 percent; Latin America 28 percent; India, Middle East and Africa remained flat; Asia Pacific (excluding China) grew 25 percent. In China, sales doubled. Higher selling prices offset raw material, logistics and energy cost increases as well as negative currency effects.
Syngenta Seeds
In the first quarter of 2022, Syngenta Seeds sales grew 15 percent to $1.4 billion.
Field crop sales in Europe, Africa and the Middle East grew by 10 percent; North America 5 percent; Asia Pacific (excluding China) 65 percent; and China 53 percent. Sales in Latin America doubled driven by higher corn sales across the region. Impacted by adverse currency effects, sales of Vegetable Seeds remained flat, and Flowers were 3 percent lower. Higher prices offset higher costs.
Syngenta Group China
Syngenta Group China, consisting of the Group’s seeds, crop protection, crop nutrition, MAP and digital activities in China, achieved sales of $2.4 billion in the first quarter of 2022, up 25 percent compared the first quarter in 2021. Syngenta Group China, adjusting for a new way of nitrogen distribution, saw an underlying growth of 42 percent.
Syngenta Group China’s Crop Protection business sales increased 20 percent. Sales of Seeds in China, including vegetables, grew 53 percent driven by the launch of new rice varieties. Crop Nutrition sales were 7 percent lower, due to focus on higher margin specialty products. Adjusting for the new way of nitrogen distribution, Crop Nutrition saw growth of +23 percent.
