Boosted by organic growth in flavors and specialty ingredients, contributions from 2009 acquisitions, and positive currency trends, Frutarom (Haifa) has reported first-quarter 2010 sales of $113.5 million, a gain of 15.3% year-over-year. Gross profit for the period rose 23.4% to $43.5 million; operating profit increased 61.9% to $16.6 million.
Of the results, president and CEO Ori Yehudai said, "We are satisfied by the profitable growth trend in the quarter and believe that it will be also continuing during the year. As expected, we witness fine results that emerged from the steps we have taken to strengthen and improve our competitiveness and to increase our operating efficiency. These steps contributed to a significant increase in the rates of gross margin, operating margin and net margin and to the doubling of our net profit in the quarter. We will decisively continue to act to implement our rapid growth strategy which combines organic growth and strategic acquisitions and the two together will allow us to again double our sales turnover in the next 4 years, to approximately $1 billion."