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Frutarom Q4, Full-year Results
Posted: March 18, 2008
Frutarom (Haifa, Israel) has reported fourth quarter 2007 sales of US$ 108.4 million, an increase of 49.2% over the same period 2006. Net profit for the quarter totaled US$ 4.8 million compared with US$ 5.3 million in the fourth quarter 2006.
Frutarom has reported full-year 2007 sales of US$ 368.3 million, a growth of 28.2% compared with 2006. Net profit for 2007 totaled US$ 24.9 million. The company cited the following factors as the main contributors to the growth in sales: growth in the sales of flavors; integration of Acatris’ activity; merger of Belmay, Jupiter, Raychan, Adumim and Gerwurzmuller Group; and strengthening of the European currencies and New Israeli Shekel against the dollar. Profitability was affected by a one-time expense in the amount of US$ 2.0 million for the merger of the acquired companies.
Of the 2008 outlook, Frutarom president and CEO Ori Yehudai said, “Frutarom’s management is acting resolutely to extract the greatest commercial and operational synergy from the seven acquisitions made in 2007 and to continue raising the selling prices of our products. These activities will yield the expected strategy and invests considerable resources in identifying and executing additional strategic acquisitions.”