Frutarom (Haifa, Israel) has reported second quarter 2008 sales of US $132 million, a growth of 44.6% compared with the same quarter 2007. The following factors contributed to the growth in sales: organic growth in sales of flavors by flavor division; organic growth in the sales of unique ingredients, mainly natural, by the fine ingredients division; acquisitions of Gewurzmuller, Abaco, Raychan, Adumim and Rad during the second half of 2007 and their merger with Frutarom’s global activity; strengthening of the West European currencies against the US dollar; and growth in Frutarom’s trade and marketing activity in Israel.
The company’s net profit for the second quarter doubled to reach US $12 million, growing 104.3% compared with profit of US $5.9 million in the parallel quarter. Gross profit grew by 51.6% to reach US $49.7 million. Operating more than doubled, growing 110.2% to US $17.9 million.
Of the results, Frutarom president and CEO Ori Yehudai said, “Frutarom will continue to act resolutely to achieve ongoing high, profitable organic growth of our core activities; to adjust the company’s selling prices to price increases, in raw materials used in production, if they should occur; and to concentrate on guarding and improving margin levels. Frutarom will also continue to strive to achieve optimal efficiency from the seven acquisitions made in 2007 and to extract and maximize the many cross-selling opportunities in the acquisitions made in recent years.”