France 🇫🇷
Tereos Posts Record Annual Profit On Strong Sugar Prices
French sugar group Tereos nearly trebled its net profit to €448 million in its 2023/24 financial year, helped by higher sugar prices.
Group sales rose 9% to €7.14 billion in the year to 31 March, with adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) up 15% at €1.13 billion.
"It's mainly the impact of prices, but there is also an impact from volumes, with record production in Brazil," Tereos finance chief Gwenael Elies told a news conference.
The group's net debt, which has been under scrutiny in the bond market, stood at €2.37 billion by 31 March, down from €2.7 billion a year earlier.
However, a fall in EU sugar prices since late 2023 on expectations of hefty global supplies could weigh on results in the current year, Tereos chief executive Olivier Leducq has warned previously.
Source: ESM - complete article below