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.
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