Syngenta Group’s subsidiary, Syngenta AG, publishes its 2023 full year results

Syngenta AG’s consolidated sales for 2023 were $19,196 million, compared with $19,963 million in 2022, a decrease of 4 percent year on year. At constant exchange rates sales decreased by 3 percent. 

Net income in 2023 attributable to Syngenta AG’s shareholder was $1,086 million, compared to $1,909 million in 2022. Sales in 2023 were 4 percent lower than 2022, 3 percent lower at constant exchange rates, with a 1 percent decrease in sales volumes and a further 2 percent decrease in local currency sales prices. Currency movements decreased reported sales by 1 percent. 

The analysis by product line is as follows:

Crop Protection

Sales were 6 percent lower, 4 percent at constant exchange rates from lower volumes of GESAPRIM^® in Brazil and the US.

Sales were 56 percent lower due to lower TOUCHDOWN^® prices and volumes in Latin America after the particularly high demand in 2022. GRAMOXONE^® sales were also lower in the US and Latin America North.

Fungicide sales increased by 7 percent, 9 percent at constant exchange rates, with strong growth in sales of the new ADEPIDYNTM technology.

Insecticide sales were 2 percent lower, 1 percent at constant exchange rates, with strong growth in sales of the new PLINAZOLIN^® technology in Latin America offset by lower sales of older products.

Seedcare sales were 2 percent higher, 5 percent higher at constant exchange rates from growth in China and Asia.

Sales by region for Crop Protection are as follows:

Europe, Africa and Middle East

Sales were 1 percent lower, but 6 percent higher at constant exchange rates, with local currency price increases to cover adverse currency movements in Africa, Middle East and Russia partially offset by lower volumes as distributors reduced inventories due to the higher funding cost.

North America

Sales increased by 2 percent, 3 percent at constant exchange rates. Strong growth in the new ADEPIDYNTM technology fungicides is largely offset by lower sales in other products as distributors and growers reduced inventories due to the higher financing costs.

Latin America

Sales were 11 percent lower, 14 percent at constant exchange rates: both prices and volumes had been particularly strong in 2022 as distributors and growers purchased early due to actual and expected supply shortages and in 2023 channel inventories were reduced and prices, particularly in non-selective herbicides, were lower.

Asia Pacific

Sales were 5 percent lower, but 2 percent higher at constant exchange rates: local currency price increases were achieved to offset currency weakness in Pakistan and Bangladesh, but US dollar prices were lower in Australia and India.

China

China sales maintained strong growth and increased by 18 percent versus 2022, 26 percent at constant exchange rates. Growth was driven by new products, particularly ADEPIDYNTM.

Seeds

Sales were 6 percent lower, also at constant exchange rates, with prices 5 percent higher to cover the increased input cost of the seeds more than offset by lower volumes. Corn sales were lower in Latin America due to a shortage of competitive germplasm.

Sales increased by 12 percent, 10 percent at constant exchange rates, with local currency sales prices to cover increased product costs. Sales volumes were lower in Russia and the Ukraine.

Vegetables sales increased by 6 percent, 7 percent at constant exchange rates, with price increases to cover increased product costs and volumes 3 percent lower from lower demand in the US.

Flowers sales were 7 percent lower, also at constant exchange rates, with lower sales in Europe and the US.

Sales by region for Seeds are as follows:

Europe, Africa and Middle East

Sales increased by 8 percent, also at constant exchange rates: sales prices were increased to offset higher product costs, but volumes of sunflower and corn were lower in Russia and Ukraine.

North America

Sales were flat, but with price increases to offset higher product costs offset by lower soybean volumes.

Latin America

Sales were 16 percent lower, 18 percent at constant exchange rates due to lower corn and soybean volumes in Brazil.

Asia Pacific including China

Sales in Asia Pacific, including China, increased by 10 percent, 15 percent at constant exchange rate, with higher corn sales in South East Asia and China.

2024 Outlook

Sales prices of non-selective herbicides are currently expected to be more stable in 2024. Conversely, field crop seed sales prices were higher in 2023, offsetting increased cost of goods sold that are linked to the cost of the relevant crop; both sales prices and cost of goods are expected to have stabilized in 2024.

Given the progress of channel inventory reduction in 2023, the impact on 2024 is currently expected to be less significant. Traded prices of key crop commodities underpin farmer profitability and support the usage of crop protection products and high-quality seeds to optimize both crop yield and quality.

Syngenta expects significantly lower levels of sales returns in 2024 compared to 2023 mainly driven by the significant reduction of the in-channel inventory.

For more information, please visit Financial Report 2023