Israel: Frutarom reports “record” growth in 2013

Israel: Frutarom reports “record” growth in 2013

Due to expanding market share in the US and emerging economies, Frutarom is said to have seen “record” growth in 2013.

According to Just Food, the Israel-based ingredients and flavour firm noted a 28.3% increase in underlying net profit which totalled $63.6m. Including a one-time expense, net profit finished at $63.6m.

President and CEO of Frutarom, Ori Yehudai, spoke of the growth by saying: “2013 was another record year, during which we accomplished a quantum leap in our positioning and results. The successful implementation of our strategy of combining profitable organic growth with strategic acquisitions has led to successful achievement of key strategic goals.”

He further added that the firm saw “significant potential for an additional quantum leap in sales and profits over the coming years. We continue to leverage the many cross-selling opportunities presented by the recent acquisitions, four of which were made over the last few months, which have only partially contributed to the results in 2013."

Frutarom also affirmed that, had the four acquisitions made in 2013 been consolidated in January 2013, revenues would have reached $784 million and net profit would have been $70 million.

Source: Just Food