Symrise AG reported robust financial results for the first half of 2024, demonstrating resilience in a challenging global market. The company recorded a significant increase in both sales and profitability, largely attributed to strict cost management measures.
Segment Performance:
Taste, Nutrition & Health: Achieved 10.0% organic sales growth, with total sales amounting to €1,572 million. This segment benefited from strong demand for savory products, particularly in the EAME and Latin America regions. The Pet Food division also showed dynamic growth, while the Aqua Feed division experienced a decline in organic growth.
Scent & Care: Saw a remarkable 14.1% organic growth, with sales rising to €993 million. The Fragrance division led the growth, particularly in the Fine Fragrances and Consumer Fragrances business units, driven by strong performances in the Asia/Pacific and Latin America regions. The Cosmetic Ingredients division also performed well, particularly in sun protection and Micro Protection.
Financial Performance: Symrise reported an EBITDA of €530 million, an increase of 11.5%, with a margin of 20.7%. The company also achieved a significant increase in consolidated net income, up by 27.7% to €239 million. Earnings per share rose to €1.71, compared to €1.34 in the same period last year.
Future Outlook: Symrise remains confident in achieving its growth and profitability targets for 2024, expecting organic sales growth between 5-7% and an EBITDA margin around 20%. The company continues to focus on sustainable growth, targeting sales of €7.5 to €8.0 billion by 2028, with an annual growth rate of 5-7%.
For further details, the Interim Group Report of Symrise AG for the first half of 2024 is available here.
