The increase in sales arises mainly from an organic growth in Frutarom’s core activities of flavours and specialty fine ingredients. The merger of the three successful strategic acquisitions implemented by Frutarom in the first half of 2009 and the strengthening of the West European currencies and the NIS, in which most of Frutarom’s sales are implemented, against the US dollar, also contributed to the increase in sales.
Gross profit in Q1 2010 increased by 23.4% and reached $43.5m compared to $35.2m in the same quarter in 2009. Gross margin improved and reached 38.3% compared to 35.8% in the same period in 2009. Operating profit increased by 61.9% and reached $16.6m compared to $10.2m last year, and operating margin increased and reached 14.6% compared to 10.4% in the same period in 2009.
Ebitda in Q1 2010 increased by 47.3% and reached $21.3m compared to $14.5m in the same quarter in 2009. Ebitda margin significantly improved and reached 18.8% compared to 14.7% in the same period last year.
Income before taxes in Q1 2010 increased at a sharp rate of 121.1% and totalled $15.3m (13.5% of sales) compared to $6.9m (7.0% of sales) in the same quarter last year. Net profit in the period doubled and totalled $11.1m compared to $5.6m in the same period last year, and net margin also increased at a sharp rate and reached 9.8% compared to 5.7% in the same quarter last year.
Source: Frutarom
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