JERUSALEM, March 23 (Reuters) -
* Israeli flavour and fine ingredients maker Frutarom Industries reported on Thursday a 10.3 percent rise in adjusted fourth-quarter net profit to $33.9 million.
* Sales in the quarter grew 28 percent to a fourth quarter record of $289 million, boosted by nine acquisitions in 2016, which cost the company $255 million.
* Frutarom said it was advancing towards achieving a sales target of at least $2 billion by 2020, with an EBITDA margin from core activities of more than 22 percent.
* “The merging and streamlining measures will also contribute in the coming years to strengthening our competitiveness and improving profits and profitability with the attainment of operational savings in an annual range of $20-22 million which will come into play gradually over the course of 2017,” said CEO Ori Yehudai. (Reporting by Ari Rabinovitch)