Today (April 25th), German fragrance and flavor manufacturer Symrise announced its financial report for the first quarter of 2024.
According to the report, from January to March this year, Symrise’s sales increased by 5.0%, reaching 1.292 billion euros, with organic growth of 10.9%.
Looking at the different divisions, the Scent & Care of Symrise achieved sales of 516 million euros, a year-on-year increase of 13.7%, with organic sales growth of 16.9%.
Among them, the Fragrance division showed strong growth in the luxury segment. Symrise’s Fine Fragrance division benefited from this and achieved double-digit growth compared to the same period last year. The Consumer Fragrance business unit also achieved double-digit growth driven by body care and home products.
The Aroma Molecules division also achieved double-digit growth in the first quarter. The financial report shows that last year, sales volume declined due to the suspension of production at the Colonels Island factory in the United States, challenging market conditions, and high customer inventory. However, this situation changed in the first quarter of this year. All product categories, including menthol and terpenes, experienced particularly strong demand.
The sales of the Cosmetic Ingredients division remained strong in the first quarter of this year, achieving double-digit organic growth. The main driving forces behind this growth came from Europe, Africa, the Middle East (EAME), and Latin America. The growth of the sun care and micro-protection business division was particularly strong.
Symrise stated that it has implemented a series of measures to improve profitability, including strict cost management and efficiency enhancement plans throughout the company. In addition, Symrise expects to maintain organic growth expectations of 5% to 7% and predicts that the company’s EBITDA profit margin will increase by approximately 20% in 2024.
