Syngenta, the world’s largest agrochemicals company, has announced a net profit of $1.4 billion (SFr1.35 billion) for 2010, a one per cent drop on the previous year.
Sales were up six per cent to $11.64 billion, the Basel-based multinational said on Wednesday.
Syngenta makes genetically modified seeds as well as products to kill weeds and insects.
“Strong volume growth starting in the second quarter of 2010 has more than offset the impact of lower crop protection prices and demonstrates the ongoing expansion of demand in our business,” said CEO Mike Mack in a statement.
“The result for the year also reflects higher seeds profitability as customers increasingly recognise the superiority and breadth of our technology.”
Syngenta also said it was launching a $200 million share buyback programme.
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