Symrise H1 Profit Climbs, Backs FY22 Margin View, Lifts Sales Forecast; Sees Growth Ahead

Symrise AG (SYIEY.PK), a German maker of flavors and fragrances, reported Tuesday that its first-half consolidated net income attributable to shareholders grew 16.6 percent to 229 million euros from previous year's 196 million euros.

Earnings per share rose 13 percent to 1.64 euros from 1.45 euros in the first half of the previous year.

Earnings before interest, taxes, depreciation, and amortization or EBITDA increased 15.7 percent from last year to 486 million euros.

Sales increased 18.5 percent to 2.26 billion euros from 1.91 billion euros a year ago. Organic sales growth was 10.2 percent.

Looking ahead for fiscal 2022, profitability is expected to remain at a high level with an EBITDA margin of around 21 percent.

Further, citing the strong first-half results, Symrise raised its sales growth forecast, and now expects organic sales growth significantly above 7 percent, compared to previously expected 5 percent to 7 percent.

In the medium term, the company aims to increase its sales to 5.5 billion euros to 6 billion euros by 2025. Annual growth of 5 percent to 7 percent (CAGR) as well as targeted acquisitions are expected to contribute to this.

EBITDA margin should remain within a target corridor of 20 to 23 percent in the long term.

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