ZURICH, Switzerland (Reuters) — Syngenta Group increased its second quarter sales by 28 percent, the Chinese-owned company recently reported.
Sales rose to $7.4 billion during the three months to June 30, helped by farmers restocking their inventories of seeds and pesticides after reducing their spending last year as well as booming demand in China.
Earnings before interest, depreciation, tax and amortisation (EBITDA) increased 25 percent to $1.2 billion as Syngenta also sold more of its biological products, which boast higher profit margins than conventional chemical sprays.
The company said it had seen strong demand from farmers buying products to deal with climate change.
Sales in China increased by 46 percent as Syngenta added more Modern Agricultural Platform (MAP) centres, which sell products and provide training.
