SYNGENTA Group, the Swiss agriculture giant that’s preparing for a US$10 billion initial public offering (IPO) in Shanghai, said earnings climbed 22 percent in the first half, propelled by better sales and contributions from its operations in China. Earnings before interest, taxes, depreciation and amortization rose to US$2.7 billion in the first six months from US$2.2 billion a year earlier. Sales increased 24 percent to US$14.4 billion, the company said in a statement Thursday. The solid results come as the Swiss seed and fertilizer business owned by China National Chemical Corp. is preparing to list on Shanghai’s Nasdaq-style STAR Market. Syngenta’s China unit posted a 47 percent gain in first-half sales to US$4.2 billion. Its crop protection business boosted sales by 35 percent while that of seeds tripled. China is a big growth area for Syngenta amid a food self-sufficiency drive, with China vowing to accelerate innovation in the seed industry. Syngenta ranks first in China’s plant protection industry and second in the seed industry, according to domestic media. Syngenta’s planned Shanghai listing will help China develop advanced seed technologies and boost domestic grain production. (SD-Agencies) |