Syngenta,
which plans to list within the next few months, also spent more on reorganizing
its business and set cash aside to cover macro-economic uncertainties such as
further raw material spikes or potential bad debts by customers.
The
Chinese-owned company said its earnings before interest, tax, depreciation and amortization
(EBITDA) dropped 25% to US$900 million in the three months to the end of
December 2022.
Sales rose 4% to US$7.5 billion boosted by strong growth in
its seeds business.
"As previously indicated, farmers accelerated their
purchases earlier in the year due to supply concerns, moderating fourth quarter
growth," the company said.
"The group continued to maintain higher prices
necessary to offset elevated raw material and other costs," it added.
During 2022 Syngenta's sales increased 19% to US$33.4
billion while EBITDA rose 20% to US$5.6 billion.
Much of the growth came from China, where the company added
136 more MAP training and sales centers to take its total to 628 sites.
Syngenta, which competes with US entity Corteva and
Germany's BASF and Bayer, was bought in 2017 for US$43 billion by
ChemChina, which was folded into Sinochem Holdings Corp in 2021.
The parent company plans to keep a majority stake after its US$10
billion flotation, which is expected to value Syngenta at around US$50
billion.
