Syngenta Group, one of the world’s largest agricultural companies, achieved total global sales of $14.5 billion (€13 billion) in the first six months of 2024, down 17% compared to the same period last year, Dutch portal Nieuwe Oogst reported on August 29.
The company attributes the drop in sales to the continued reduction of inventories in various sales channels. Analysts say this is apparently a consequence of rising interest rates and lower incomes for farmers.
Sales of crop protection products in all major markets except China are lower than last year due to adverse weather conditions, including Brazil, Western Europe and the United States. In addition to the drop in turnover, Syngenta also recorded a 36 percent drop in earnings before interest, tax, depreciation and amortization expenses.
In the second quarter of 2024, Syngenta’s global financial results so far have been even more disappointing compared to the previous year. However, in the long term, the group will continue to invest heavily in research, development and innovation to maintain its competitive position.
Source: Rossa Primavera
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