European sugar producer Südzucker has reported 10% year-on-year growth in revenue, to €5.1 billion, in the first half of its financial year.
The German sugar-maker expects consolidated group operating profit to range between €900 million and €1 billion – up from its previous forecast of €850 million to €950 million.
Group EBITDA at Südzucker is likely to range between €1.3 billion and €1.4 billion – up from €1.2 billion to €1.4 billion.
The group lowered its consolidated revenue forecast for fiscal 2023/24 to between €10.0 billion and €10.5 billion – down from its previous projection of €10.4 billion to €10.9 billion in April of this year.
First-Half Highlights
Group EBITDA increased to €739 million in the first half, from €465 million a year ago.
Its consolidated group operating profit increased to €592 million, from €316 million in the same period last year.
Revenue in the sugar segment rose to €1.95 billion from €1.4 billion last year, despite declining sales volumes due to a poor harvest in 2022 and higher prices.
The special-product segment generated revenue worth €1.2 billion – up from €1.1 billion, year on year – driven by higher prices.
CropEnergies
Revenue in the CropEnergies segment dropped to €565 million from €798 million in 2022, due to lower sales volumes following scheduled maintenance shutdowns and significantly lower prices.
The starch segment also reported a decline in revenue, to €562 million, from €603 million last year.
The overall increase in prices was unable to compensate for the significant decline in volumes, Südzucker noted.
The fruit segment’s revenues amounted to €791 million – up from €727 million the previous year.
Revenues increased for both fruit preparations and fruit juice concentrates, due to price factors, the company added.
