Cristal Union reports record annual profit due to high sugar prices

On Tuesday, the second largest sugar producer in France, Cristal Union, reported a record net profit of 307 million euros ($334 million) for the 2023/24 fiscal year, up 72% from 179 million reported a year earlier, helped by high sugar prices.

This is reported by MarketScreener.

Sales increased by 20% to €2.8 billion for the year ended January 31, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 50% to €432 million, the cooperative group said.

“The group was able to take advantage of the dynamic sugar market and satisfactory sugar beet yields despite a reduction in acreage (-2%) and particularly difficult weather conditions,” the company said in a statement.

Other European sugar and ethanol groups, including France’s largest producer Tereos and Germany’s Suedzucker, also reported strong earnings last fiscal year as they benefited from rising prices to record highs.

Tags: prices, sugar