Syngenta first-quarter sales up 26% as farmers make early purchases

div classBodysc17zpet90 cdBBJodivpZURICH Reuters – Syngenta Group increased firstquarter sales by 26 as farmers bought seeds and sprays early to avoid possible shortages later in the year, the Swiss agrochemicals company said on Thursday.p

pThe results of the Chineseowned group are seen as a bellwether for the broader agrochemicals industry, with peers including U.S. company Corteva and Germanys BASF and Bayer due to report in the next two weeks.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pBASF last month warned that it would have to stop production if natural gas supplies fell to less than half its needs. Gas shortages have a dual impact on chemical production, providing energy for the manufacturing and also as a critical raw material. [nL2N2VX2YTp

pSyngenta, which aims to raise about 10 billion from an initial public offering IPO, said all parts of its business had benefited from farmers buying early to avoid shortages caused by supply chain bottlenecks.p

pThe company said sales during the first three months of 2022 rose by 26 year on year to 8.9 billion, with core profit up 25 at 1.9 billion.p

pIncreased productivity and price increases had also helped to counter higher logistics and buying costs, it added.p

pThe company also continued to expand in China, with 149 more of its Modern Agricultural Platform MAP training and sales centres than a year earlier.p

pIt now has 514 centres in total in China, where it increased overall sales by 25 to 2.4 billion. p

pEach MAP centre, which sell seeds, nutrition and crop protection products as well as providing training, increased sales by an average of 57 from the same period last year, Syngenta said.p

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pp Reporting by John Revill Editing by Miranda Murray and David Goodmanp

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