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Suedzucker’s annual profit jumps nearly 40% on strong sugar, bioethanol performance -Breaking

by Mike Robinson

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© Reuters. An organization emblem of Suedzucker Group is pictured on the headquarters in Mannheim, Germany March 12, 2019. REUTERS/Ralph Orlowski

HAMBURG (Reuters) – Europe’s largest sugar producer Suedzucker on Monday posted an increase of just about 40% in full yr working revenue as improved sugar and bioethanol markets boosted earnings.

Group working revenue within the full monetary yr 2021/22 to the tip of February rose to 330 million euros ($362.37 million) from 236 million euros within the earlier yr, the corporate stated in an advance launch of its annual outcomes.

It had beforehand forecast full-year group working revenue of between 320 million and 380 million euros.

“The outcomes have benefited from efficiency by the sugar sector and in addition from bioethanol,” a Suedzucker spokesman advised Reuters. “Sugar demand within the EU stays secure and costs have improved since final yr, however in our view are nonetheless not passable.”

“We additionally proceed to see advantages from our current company restructuring and cost-cutting programme.”

Suedzucker unit CropEnergies, which produces the inexperienced gasoline bioethanol, additionally posted improved outcomes on Monday.

“Within the present vitality disaster we hope that extra consideration might be given to bioethanol as an environmentally pleasant and sustainable vitality supply to cut back Europe’s dependency on ,” the spokesman added.

Suedzucker group gross sales for the yr rose about 13.4% to about 7.6 billion euros. The corporate proposed a full-year dividend of 40 euro cents in opposition to 20 cents final yr.

The group’s full annual outcomes will now be launched on Might 19, with no interim outcomes on April 25 as beforehand scheduled, it stated.

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