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Israel's Frutarom Q1 profit rises on record sales
May 24, 2017 / 6:22 AM / 7 months ago

Israel's Frutarom Q1 profit rises on record sales

JERUSALEM, May 24 (Reuters) -

* Israeli flavour and fine ingredients maker Frutarom Industries reported on Wednesday a 30 percent rise in adjusted first-quarter net profit to $34.4 million.

* Sales in the quarter grew 17.4 percent to a record $302.5 million, boosted by 11 acquisitions since the beginning of 2016, which cost the company $275 million.

* Frutarom said it was on target towards achieving sales of at least $2 billion by 2020, with an EBITDA (earnings before interest, tax, depreciation and amortisation) margin from core activities of more than 22 percent.

* “We are continuing to create a strong quality pipeline of future strategic acquisitions to support the fulfilling of our plan for accelerated growth in our core activities while continuing to expand the share of the flavours activity,” said CEO Ori Yehudai. (Reporting by Ari Rabinovitch)

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