Syngenta Group reported a 20% drop in Q1 2024 sales, driven by challenges in the crop protection market, while pursuing operational efficiency and strategic acquisitions to navigate the current climate.

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Syngenta Group, a leading global agricultural technology company, reported financial results for the first quarter of 2024. The company recorded sales of $7.4 billion, reflecting a 20% decline compared to the previous year. Its EBITDA also decreased by 34%, reaching $1.2 billion. This downturn highlights the ongoing challenges the company faces in an environment marked by industry-wide destocking, where distributors and retailers are reducing inventory levels due to increased working capital costs.

The decline in sales was primarily driven by the Crop Protection segment, which contributes significantly to the group’s revenue. Notably, the company experienced lower demand across various regions, with only China reporting positive growth. Despite these challenges, Syngenta is committed to enhancing operational efficiency and productivity across its business units.

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