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Israel's Frutarom Q3 profit rises, sees $2.25 bln in sales by 2020
November 21, 2017 / 9:21 AM / 23 days ago

Israel's Frutarom Q3 profit rises, sees $2.25 bln in sales by 2020

JERUSALEM, Nov 21 (Reuters) -

* Israeli flavour and fine ingredients maker Frutarom Industries reported on Tuesday a 27 percent rise in third-quarter net profit to $40.8 million.

* Sales in the quarter grew 19.6 percent to a record $358.8 million, boosted by 10 acquisitions made this year.

* The company raised its target sales for 2020 to $2.25 billion and an EBITDA margin from core businesses to 23 percent, from a previous target of at least $2 billion with an EBITDA margin of over 22 percent in its core businesses.

* CEO Ori Yehudai said the company raised its target after “examining our strong competitive position, accelerated rate of internal growth, our latest acquisitions, our pipeline for future acquisitions and the contribution of the streamlining and global procurement activity.” (Reporting by Ari Rabinovitch)

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