Syngenta Group Reports $32.2 Billion in Sales for 2023

Syngenta Group announced its financial outcomes for the fourth quarter and the full year of 2023. With sales reaching $32.2 billion and EBITDA at $4.6 billion for the year, the company saw a year-over-year decrease in both metrics. This was attributed to industry-wide channel destocking impacts and higher interest rates affecting the Crop Protection market.

Despite a challenging market environment, the fourth quarter sales saw an uptick, growing to $7.9 billion, a 5% increase. This growth was notably driven by demand in China and innovative crop protection products. The group's emphasis on new technologies like PLINAZOLIN® and biological solutions has continued to foster growth despite global market pressures.

Syngenta Group China's performance stood out, with a strong 11% sales growth, alongside a significant expansion in its Modern Agriculture Platform (MAP) and digital sales, which grew by 26%. Operational efficiencies and synergy effects also contributed to the group's financial performance in a year marked by lower volumes and prices across the industry.

Additionally, the Group has withdrawn its IPO application on the Shanghai Stock Exchange, citing market conditions, and is exploring alternative funding sources. The year 2023 showcased Syngenta Group's strategic focus on innovation and efficiency amidst global economic challenges.