(RTTNews) – Symrise AG (SYIEY.PK), a German maker of flavors and fragrances, reported Thursday that its third-quarter sales grew 5.2 percent in the reporting currency, while overall sales increased organically by 10.2 percent.
Group revenue for the first nine months of fiscal 2024 grew 5.9 percent to 3.82 billion euros from last year’s 3.61 billion euros. Group sales increased 11.1 percent organically.
The company noted that both segments contributed to the positive development and increased sales in a global economic environment that remained challenging.
The Taste, Nutrition & Health segment’s revenue rose to 2.35 billion euros from prior year’s 2.27 billion euros. Organic sales growth was 10.4 percent in the months and 11.3 percent in the third quarter.
The Scent & Care segment, which manages the fragrances, perfumery applications and cosmetic active ingredients business, achieved revenues of 1.48 billion euros, up from last year’s 1.34 billion euros. Organic sales growth was 12.2 percent in the nine months and 8.4 percent in the third quarter.
The main growth drivers were the Food & Beverage, Fragrance, Aroma Molecules and Pet Food business units.
The company further noted that the strongest organic growth was recorded in the Latin America region with 27.4 percent, followed by the Asia/Pacific region with 11.2 percent and EAME with 11.1 percent.
The North America region achieved organic growth of 2.3 percent, driven primarily by the Food & Beverage and Aroma Molecules business units.
Looking ahead for fiscal 2024, Symrise has specified its sales target for the full year 2024. The Group is now aiming for organic sales growth of around 7 percent, compared to previous estimate of organic sales growth of between 5 and 7 percent.
The Group’s long-term organic growth expectation of 5 percent to 7 percent (CAGR) remains unchanged. The long-term EBITDA margin is still expected to be in the range of 20 percent to 23 percent.
Jean-Yves Parisot, CEO of Symrise, said, “Symrise was able to seamlessly continue the positive business development of the past months in the third quarter. Despite the current volatile market environment due to geopolitical tensions and continued inflation pressure, we are confident for the rest of the year and expect robust demand.”
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Source : Nasdaq