Symrise AG (SY1.DE,SYIEY.PK,SYIEF.PK), a German supplier of fragrances, flavorings, cosmetic active ingredients, and raw materials, on Wednesday reported a rise in net profit for the first half, helped by a decline in the cost of goods sold. However, the firm recorded a decline in sales.
For the six-month period to June 30, the company registered a net income of 268.161 million euros, or 1.92 euros per share, higher than 239.458 million euros, or 1.71 euros per share, in the same period last year.
Earnings before income taxes moved up to 368.754 million euros from the previous year's 323.592 million euros. Income from operations stood at 402.938 million euros as against the prior year's 365.792 million euros.
Cost of goods sold was 1.496 billion euros, compared with 1.567 billion euros a year ago.
Sales declined to 2.553 billion euros from 2.565 billion euros in 2024 due to portfolio and exchange rate effects.
Looking ahead, for the full year, the company has revised its guidance. Symrise now anticipates organic growth of 3% to 5% against the prior expectation of 5% to 7%. EBITDA margin is now projected to be at around 21.5%, compared with approximately 21% previously.
In addition, the company noted that it is introducing annual cost savings of €40 million.
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