ISRAEL: PepsiCo dips JV helps Strauss FY profits
Strauss had "good year across all segments", CEO Gadi Lesin said
Israel-based food and beverage maker Strauss Group today (26 March) reported a jump in annual profits.
Strauss booked a 39.1% rise in net income to NIS329m (US$94.3m) for 2013. EBIT grew 23% to NIS769m.
President and CEO Gadi Lesin said Strauss had a "good year across all segments" but pointed in particular to Brazilian coffee unit Três Corações and its US dips venture with PepsiCo, Sabra.
Dips and spreads is a fledgling business for Strauss, accounting for only 15% of its turnover. Coffee is the largest single business unit, generating just short of half Strauss's NIS8.14bn in 2013. The company's domestic food and beverage arm made another NIS3bn last year.
The company's international dips and spreads unit generated sales of NIS600m, up 14.9% on 2012. Strauss has two divisions within the dips and spreads business. Sabra, its US unit, saw sales grow 12.3% to NIS565m. Obela, its dips and spreads venture with PepsiCo outside the US, is a newer business and saw sales jump 82.6% to NIS34m. The Obela unit does business in Mexico and Australia.
Group turnover slid 0.5% on 2012 on the back of currency fluctuations. On an organic basis, excluding foreign exchange, sales were up 4.8%.
Click here for the full statement from Strauss Group.
For an interview with Strauss CFO Sahar Florence, conducted last week in London, click here.
Business Monitor International's Egypt Food and Drink Report provides industry professionals and strategists, corporate analysts, food and drink associations, government departments and regulatory bod...
- Danone's global push for Danonino – interview
- Kind CEO on FDA's labelling U-turn - interview
- RTRS looks for systemic solutions to progress
- How Hormel Foods can benefit from Justin's
- Tackling infant formula fraud in China
- Nestle sets new savings target
- Russia may renew food embargo again
- Lindt's Russell Stover launches "snacking" line
- HKScan appoints Jari Latvanen CEO
- Hampton Creek 'seeks further funding'