Südzucker AG has witnessed group revenue growth of around 10%, to €7.8 billion, in the first nine months of its 2023/24 financial year from €7.1 billion in the previous year.
The company saw an increase in revenue in the sugar, special products, and fruit segments, while experiencing a decline in the CropEnergies and starch segments.
During this period, group EBITDA at Südzucker increased to €1.1 billion from €805 million in the comparable period.
Group operating result increased to €860 million, from €536 million in the previous year, marking a significant improvement for the European sugar refiner.
The decline in the CropEnergies and the starch segments were offset by good performance across all other segments, the company added.
Outlook For FY 2023/24
The company confirmed its outlook for the financial year 2023/24 and added that it expects consolidated group revenue to range between €10.0 and €10.5 billion.
It has projected group EBITDA of around €1.3 and €1.4 billion, keeping the forecast for consolidated operating result unchanged between €900 million and €1 billion.
Südzucker added that the ongoing war in Ukraine will lead to price increases on the procurement markets, particularly in the raw materials and energy sectors.
It also highlighted the possibility of market distortions in the EU following duty-free access granted to agricultural imports from Ukraine.
Divisional Highlights
The sugar segment generated revenue worth €3.1 billion, up from €2.4 billion in the comparable period, despite declining sales volumes due to poor harvests in 2022.
The special products segment grew its revenue to €1.8 billion from €1.6 billion, helped by higher prices.
Revenue in the CropEnergies segment declined to €848 million following considerably lower sales volumes due to scheduled maintenance shutdowns and significantly lower prices.
The fruit segment saw a moderate increase in revenue, to €1.2 billion, from €1.1 billion in the year-ago period.
