ZURICH: The world's largest agrochemicals company Syngenta AG is eyeing more growth this year as spiralling commodity prices bolster demand for its products, executives at the group told Reuters.
Syngenta topped polls with a 13 percent rise in first-quarter sales at constant currencies to $4.02 billion, ahead of the average estimate of $3.9 billion in a Reuters poll as the group also benefitted from strong growth in emerging markets.
"We are set for a very good year," Syngenta Chief Financial Officer John Ramsay told Reuters just after the group posted its quarterly sales figures. It does not publish quarterly earnings.
"Underpinning the markets is continuing growth in emerging markets... very strong growth in eastern Europe and in Asia. All our products lines and all our regions are up significantly on last year."
Syngenta shares were indicated to open up 0.8 percent, data from Clariden Leu showed.
Spiralling wheat, corn and soybean costs are encouraging farmers to buy more products from Syngenta and rivals such as DuPont and Monsanto as they seek to boost yields.
"Corn and soy bean are strong so what we know with certainty is that farmers have plenty of incentive to get the crop in and to invest to maximise the yields," Chief Executive Officer Mike Mack said in the Reuters interview.
The group, which makes products to kill weeds and bugs as well as genetically modified seeds, said the Northern hemisphere planting season started well despite a slight delay due to wet weather.
Syngenta's comments come after Monsanto's quarterly profit topped polls on strong sales of corn seed for spring planting and improved margins.
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