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Syngenta, Seeking Hong Kong Listing, Reports 13% Increase in EBITDA Last Year
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Syngenta, the Swiss agricultural giant under China National Chemical Corporation (ChemChina), reported a 13% year-on-year increase in EBITDA to approximately USD4.4 billion last year. After exiting the low-margin grain trading business, sales decreased by 1% to USD28.4 billion. ChemChina acquired Syngenta in 2017, and the latter is currently seeking a listing in Hong Kong. Since the outbreak of the Iran conflict at the end of February, Asian pesticide prices have risen by over 10%, which may further boost Syngenta's profits. The company's crop protection division contributes nearly half of its sales. Prior to the earnings announcement, Bloomberg estimated Syngenta's IPO valuation to be between USD42 billion and USD56 billion. The company announced that Nelson Jiang has been appointed as the new Chief Financial Officer, while the former CFO, Hengde Qin, will transition to the role of Chief Operating Officer (COO). (da/u) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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