Symrise AG Reports Growth Amid Economic Challenges in 2023

Symrise AG, a leading supplier in fragrances, flavorings, and other essential ingredients, has shared its financial outcomes for the fiscal year 2023. The company witnessed a sales increase of 2.4%, achieving €4,730 million, up from €4,618 million in 2022. This growth is attributed to an organic sales boost of 7.9%. Despite these achievements, there was a slight dip in profitability, with adjusted EBITDA falling to €903 million from the previous year's €922 million.

The company has confirmed its intention to increase dividends for the 14th consecutive year and remains optimistic about its long-term growth prospects. Additionally, Symrise is set for a leadership change with preparations for a new CEO well underway.

Regionally, the Europe, Africa, Middle East (EAME) area showed positive results, marking a 15.3% organic sales growth. However, North America faced challenges, notably a production halt at Colonel Island, affecting its organic sales figures. Latin America and the Asia/Pacific region saw dynamic and steady growth, respectively.

Throughout 2023, Symrise experienced increased costs, notably in raw materials and manufacturing, impacting profitability. Adjusted net income for shareholders concluded at €340 million, down from €406 million in 2022. Despite these hurdles, the company's financial stability is robust, with an equity ratio marginally improving to 47.0%.

Looking ahead, Symrise is steadfast in its growth and profitability goals for 2024, aiming to outperform market expectations with targeted initiatives to boost efficiency and manage costs. The company is also committed to a dividend increase proposal at the next Annual General Meeting, reinforcing its positive outlook.