French sugar maker Cristal Union posts record yearly profit
PARIS, June 4 (Reuters) -France's second-largest sugar maker Cristal Union on Tuesday posted a record net profit of 307 million euros ($334 million) for its 2023/24 financial year, up 72% from the 179 million reported a year earlier, helped by high sugar prices.
Sales were up 20% at 2.8 billion euros in the year ended Jan. 31, while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 50% to 432 million euros, the cooperative group said.
"The Group was able to take advantage of a buoyant sugar market and satisfactory sugar beet yields despite a fall in area (-2%) and particularly difficult weather conditions," it said in a statement.
Other European sugar and ethanol groups, including France's largest producer Tereos and Germany's Suedzucker SZUG.DE, have also reported strong earnings in the past fiscal year as they benefitted from the rise in prices to record highs.
($1 = 0.9182 euros)
Reporting by Sybille de La Hamaide; Editing by Mark Potter
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
