Profit fell for German chemicals company Symrise AG in the full year 2023 compared to 2022, the company reported on Wednesday.
Symrise, which produces flavours and fragrances, reported that its fiscal 2023 net income attributable to the shareholders amounted to €340 million ($369 million), lower than last year's €406 million.
Earnings per share were €2.44, down from €2.91 a year ago.
Adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, of €903.5 million fell from the prior year's €921.5 million.
The corresponding margin was 19.1%, compared to prior year's 20%.
Symrise Group generated sales of €4.73 billion in 2023, an increase of 2.4% from last year.
Organic sales growth amounted to 7.9%.
Further, the company announced that at the annual general meeting on May 15, the executive board and supervisory board will propose increasing the dividend to €1.10 per share from last year's €1.05.
Looking ahead, Symrise reaffirmed its long-term growth and profitability goals.
The group expects an EBITDA margin for 2024 of around 20%. In the medium term, Symrise is seeking to maintain an EBITDA margin in the range between 20% and 23%.
The expected long-term growth of 5% to 7% remains unchanged and is also anticipated to be achieved in 2024.
The company aims to generate sales of €5.5 billion to €6 billion by the end of 2025 and of €7.5 billion to €8 billion by 2028.
