The two French sugar giants, Tereos and Cristal Union, have found air and serenity thanks to the soaring sugar prices. The turnover of Tereos, owner of the Béghin Say and La Perruche brands, soared by 28% in 2022, to 6.6 billion euros. That of Cristal Union (Daddy, Erstein...), by 30%, to 2.3 billion euros.
In volume, the two rivals did not sell much more sugar than in previous years. But the surge in prices has allowed them to improve their operating income and reduce their debt ratio, despite costs that are also rising.
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On average, sugar prices have risen from €400-420 per tonne in 2021 to €800 in 2022 due to a lack of sufficient production in Europe. "The France was spared, but the frost was, for example, dramatic for English sweets," says Xavier Astolfi, CEO of Cristal Union. These course levels are unprecedented since 2013. They make it possible to relegate to the rank of bad memories...
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