Südzucker has seen signifiant increase in group revenue in its first quarter, to approximately €2.25 billion from €1.75 billion in the same period last year, according to preliminary figures released by the German sugar producer.
Group EBITDA for the first quarter increased to around €230 million, from €121 million last year.
Group operating profit increased to around €160 million, from €49 million in the same period last year.
The company attributed the growth in EBITDA and operating profit to the perfromance of its CropEnergies segment.
The company will report first quarter results for 2022/23 on 7 July.
The sugar producer now expects group revenue in the range of €8.9 – €9.3 billion for the financial year 2022/23.
Group EBITDA is expected to range between €760 – €860 million, up from its previous forecast of €660 – €760 million, the company added.
Südzucker also increased its operating profit forecast from €300 – €400 million to €400 – €500 million.
The war in Ukraine, which has been ongoing since the beginning of fiscal year 2022/23, has further intensified the already high volatility on the sales markets and price increases on the procurement markets, the company noted.
It added that it would be difficult to assess the economic and financial impact of the duration of the war and the COVID-19 pandemic.
In April, Südzucker posted a rise of almost 40% in full-year operating profit as improved sugar and bioethanol markets boosted earnings.
Group operating profit in the full financial year 2021/22 to the end of February rose to €330 million, from €236 million in the previous year, the company said in an advance release of its annual results.