Syngenta Group today announced financial results for the first quarter of 2023. Sales for the first quarter of 2023 were $9.2 billion, up $0.3 billion or 3 percent (+8% at CER), compared to a strong first quarter of 2022. First quarter 2023 EBITDA increased 1 percent (+9% at CER) from the prior year to $1.9 billion.
All business units continued benefitting from demand for innovative products and services that promote yield increases and support regenerative farming methods that combat climate change, enhance soil health, and preserve biodiversity and water quality.
The Group continued to sustain higher prices to help offset higher costs. Seeds market growth remained robust while the market for crop protection non-selective herbicides has slowed as inventories are reduced through the supply chain.
All business units delivered growth except ADAMA, which was particularly impacted by lower sales of its non-agricultural businesses in the US and China. EBITDA margin for the Group was 20.2 percent.
The growth of Syngenta Group’s crop protection businesses was slower compared to the exceptionally strong quarters in the prior two years. Prices were higher versus the prior year, helping offset cost increases. Syngenta Seeds continued its strong momentum and delivered double-digit sales growth driven by price increases across all regions that offset higher costs.
Syngenta Group continued its strong growth in China. Syngenta Group China’s MAP sales grew 62 percent to $1.1 billion as the number of MAP centers increased by 124 from a year earlier to a total of 638 centers. Average sales per center were up 29 percent year-on-year. With the MAP offering, farmers can modernize farming practices sustainably while boosting crop quality and farm profitability.
The Group’s digital solutions have been adopted on 226 million acres globally with high demand from farmers in key markets.