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Feb. 8 (Bloomberg) -- Syngenta AG, the world’s largest maker of agricultural chemicals, reported a 16 percent increase in full-year profit on increased demand from Latin America and higher selling prices for pesticides and seeds.
Earnings before interest, tax, depreciation and amortization gained to $2.91 billion from $2.51 billion, the Basel, Switzerland-based company said today in an e-mailed statement. That’s in line with the $2.9 billion average analyst estimate in a Bloomberg survey. Sales increased 14 percent to $13.3 billion, also matching predictions.
Syngenta’s results mirror those of U.S. competitor Monsanto Co., which were bolstered by stronger demand from Latin America and the U.S. The company aims to gain market share as it reorganizes its business by integrating its crop-protection and seed units, and targets $650 million in savings by 2015.
“The integration of our commercial teams is already yielding opportunities for increased sales,” Chief Executive Officer Mike Mack said in the statement.
The company is proposing a dividend of 8 francs a share, up from 2010’s 7 francs, it said today.
The Swiss company plans to grow its seed business, which contributes about a fifth of sales, and is seeking smaller acquisitions for the unit, Ramsay said in October.
--Editor: Andrew Noel
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