BASEL (dpa-AFX) - Swiss agribusiness Syngenta AG (SYT) reported Wednesday a higher profit for the full year 2011, as sales rose 14 percent helped by volume growth and higher prices in both Crop Protection and Seeds businesses.
For the full year 2011, the company posted a net income of $1.6 billion or $17.31 per share, up from $1.4 billion or $14.99 per share last year. Excluding restructuring and impairment, earnings per share were $19.36, higher than $16.44 per share in the prior year.
EBITDA increased 18 percent at constant exchange rates and EBITDA margin was 21.9 percent.
Annual sales grew 14 percent to $13.27 billion from $11.64 billion a year ago. At constant exchange rates, the growth was 12 percent.
Crop Protection sales improved 14 percent to $10.16 billion, as volumes increased 11 percent and prices were up 1 percent from a year ago. Sales from seeds increased 14 percent to $3.19 billion, with volumes improving 9 percent and prices up 3 percent.
In emerging markets, sales increased 18 percent and represented just under half of the total sales, the company stated.
'As we enter the 2012 season, notwithstanding the current economic uncertainty, we look forward to sustained sales growth and further market share gains,' Mike Mack, chief executive officer of the company said.
The board is also proposing a dividend of 8 Swiss francs per share, up from 7 francs paid last year.
Separately, Syngenta announced that its board of directors will propose the election of three new members at the Annual General Meeting on April 24, 2012. On the same date two existing members of the Board, Pierre Landolt and Rolf Watter, will retire, having completed their term of office, the company noted.
The three proposed new members are - Vinita Bali, managing director & chief executive officer of Britannia Industries; Gunnar Brock, chairman of Stora Enso, Molnlycke Health Care and Rolling Optics; and Michel Demare, chief financial officer of ABB.
In Zurich, Syngenta shares closed Tuesday's regular trading at 293.9 francs, up 1.3 percent.
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© 2012 AFX News
