Today, Symrise released its financial report of the first nine months of 2024. The company reported a revenue increase of 5.9%, reaching €3,824 million in the first nine months, despite portfolio and currency challenges. Symrise has set an organic growth target of around 7% for the year, reflecting its confidence in maintaining strong demand amidst global economic uncertainties.
CEO Jean-Yves Parisot attributed this growth to Symrise’s diversified portfolio and international footprint, which helped the company navigate inflationary pressures and geopolitical tensions.
The strongest regional growth was in Latin America, which saw a €536.6 million with 27.4% increase. It followed by Asia/Pacific with €786.4 million with 11.2% increase. The EAME regions reached €1529.1 million with 11.1% increase. North America, while more modest, recorded 2.3% growth.
Both key business segments contributed to this positive trajectory. The Scent & Care segment, which includes fragrances, perfumery, and cosmetic ingredients, achieved organic sales growth of 12.2% in the first nine months and 8.4% in the third quarter respectively. The Fragrance division increased its sales organically in the double-digit percentage range in the first nine months. In particular, the Consumer Fragrance application area achieved double-digit percentage growth. The EAME, Asia/Pacific and Latin America regions in particular experienced very high market dynamics. The Fine Perfumery application area also continued its very positive development and achieved high single-digit percentage organic growth. Here, the Latin America and Asia/Pacific regions recorded good growth. The Oral Care application area achieved single-digit percentage organic growth, with good growth especially in the North America and Asia/Pacific regions.
Sales in the Aroma Molecules division recovered significantly in the first nine months of the current year. While the market environment continues to prove challenging, the resumption of production in Colonels Island, USA has resulted in a significant year-on-year increase in revenue. High double-digit growth figures were achieved in all regions.
Sales in the Cosmetic Ingredients division continued to develop strongly with high single-digit percentage organic growth. Revenues increased significantly in the EAME, Asia/Pacific and Latin America regions. Only the North America region showed just a slight year-on-year growth. The application areas for micro-protection and actives and botanicals also recorded very strong growth impulses.
Looking ahead, Symrise expects to meet its 2024 organic growth target, projecting a long-term CAGR of 5% to 7%, with an EBITDA margin of 20% to 23%.
