ZURICH, April 7 (Reuters) - Syngenta Group, the Swi
ZURICH, April 7 (Reuters) – Syngenta Group, the Swiss agrichemical and seeds firm owned by ChemChina CNNCC.UL, on Wednesday reported larger gross sales and working revenue for 2020 because it prepares for a flotation within the subsequent 18 months.
Gross sales rose 5% to $23.1 billion, regardless of weaker currencies in India and Brazil, amongst others, lowering reported gross sales by $1.5 billion. When the impact of forex actions was eliminated, Syngenta stated its gross sales elevated by 12%.
Earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) elevated 3% to $four billion from $3.9 billion a 12 months earlier.
State-owned ChemChina, which purchased Syngenta for $43 billion in 2017, final 12 months merged the Swiss agency with Israel’s ADAMA and the fertiliser and seed enterprise of Sinochem, one other of China’s state-owned chemical corporations.
Syngenta stated all of its companies had elevated gross sales, and had managed provide chain disruption brought on by the COVID-19 pandemic via their native construction.
The corporate additionally benefited from larger commodity costs permitting farmers to spend money on its fertilisers, seeds and pesticides, in addition to the additional roll-out of gross sales and recommendation centres for farmers in China to enhance their manufacturing.
The corporate stated its plans to drift remained in place.
“Now we have beforehand stated that we deliberate on an IPO by mid-2022. We stay on monitor to realize this goal,” stated spokesman Saswato Das.
(Reporting by John Revill; Enhancing by Subhranshu Sahu)
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