Symrise AG, a German company specialising in the creation of flavours and fragrances, announced that its net income for shareholders for the fiscal year of 2023 was 340 million euros, a decrease from the previous year's figure of 406 million euros.
Per share earnings also experienced a drop, moving from 2.91 euros in the previous year to 2.44 euros. The company's adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) also fell to 903.5 million euros from 921.5 million euros the year before, yielding a margin of 19.1 percent, a slight decrease from the previous year's 20 percent.
Despite these reductions, Symrise Group reported a 2.4 percent increase in sales for 2023, totalling 4.73 billion euros with an organic sales growth of 7.9 percent.
Additionally, the company plans to propose a dividend increase from last year's 1.05 euros to 1.10 euros per share at their Annual General Meeting scheduled for May 15.
Looking forward, Symrise maintains its long-term goals for growth and profitability. The Group predicts an EBITDA margin for 2024 of approximately 20 percent and aims to uphold an EBITDA margin of 20 to 23 percent in the medium term. Its projected long-term growth rate of 5 to 7 percent remains constant, with this figure expected to be achieved in 2024.
By the end of 2025, the company's goal is to generate sales between 5.5 billion to 6.0 billion euros, and by 2028, they aim to reach sales figures between 7.5 billion to 8.0 billion euros.
