Israeli food producer Osem Investments Ltd, a 50.1%-owned subsidiary of Swiss food behemoth Nestlé, revealed earlier this week that net income increased by 24% in 2001 to NIS126.3m (US$27.1m), and added that it anticipates much potential for growth in 2002.
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Osem’s CEO Dan Propper told reporters at a briefing: “Last year was successful for Osem even though overall it was difficult,” buffeted by a global economic slowdown, a deepening domestic recession, high unemployment and a slowdown in consumer spending.
Propper insisted however that growth would come in several sectors in 2002; through acquisitioned and savings from efficiency measures.
“We hope to increase sales of breakfast cereals, salads, coffee and other products,” he said.
Osem, a 50.1%-owned subsidiary of Swiss food behemoth Nestle, also posted a 4% increase in turnover to NIS2.2bn for the year, and a sharp increase in operating profit of 22.6% to NIS163.7m.
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By GlobalDataCFO Pinhas Kimmelman added that the company had outperformed Nestlé’s average 2001 figures for sales, operating profit, net income and earnings per share.
