Ingredients firm Frutarom has booked an increase in third-quarter sales and earnings, boosted by recent acquisitions and expansion in developing markets.
In the three-month period, net profit jumped 18.3% to US$17m. Operating profit grew 15.7% to $22.6m.
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Frutarom said the “record” results were achieved due to “significant” expansion in the developing markets and in the US, the successful integration of eight acquisitions made during 2011 and 2012 and the stability of raw material prices.
Sales in the quarter reached $161m, a 2.5% increase on the prior-year period.
“We are pleased with the results for the third quarter and the first nine months of 2013 reflect the successful implementation of our rapid growth strategy,” said president and CEO Ori Yehudai.
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“In the past three years we continued to reinforce our presence and market share in strategic markets in Asia, East Europe, Latin America and Africa, which are considered the fastest growing food markets. At the same time, we are enjoying growth and increasing our foothold in the US market, the world’s biggest flavor market, with a view to additional strategic acquisitions.”
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