ZURICH, Aug 30 Reuters Swiss agrichemicals and seeds group Syngenta generated doubledigit growth in the second quarter ahead of the Chineseowned company39;s planned flotation by year39;s end.

Sales increased 24 to 9.2 billion while earnings before interest, tax, depreciation and amortisation EBITDA rose 39 to 1.7 billion, the company said, citing launches of new products and services, increased productivity and prices that offset higher costs.

All business units achieved doubledigit sales growth in the quarter and the first half of 2022, it said.

Its EBITDA margin improved by 1.1 percentage points from a year earlier to 19.5 in the first half of 2022.

Syngenta Group had increased firstquarter sales by 26 to 8.9 billion as farmers bought seeds and sprays early to avoid possible shortages, the company said in April. Core profit rose 25 to 1.9 billion in the first three months.

Syngenta, which competes with U.S. company Corteva and Germany39;s BASF and Bayer, was bought in 2017 for 43 billion by ChemChina, which was folded into Sinochem Holdings Corp last year.

The parent company plans to keep a majority stake after the 10 billion flotation, which is expected to value Syngenta at around 50 billion. 

Reporting by Michael Shields and John Revill

Source Reuters