Higher profits from coffee and from its international dips and spreads operations have boosted half-year earnings at Israel-based firm Strauss Group.
Strauss booked net income of NIS178m (US$49.8m) for the six months to the end of June, up almost 78% on the year. Operating income was up 36.3% at NIS399m.
The company said operating profit from coffee – its largest business – increased 56.2% to NIS210m. The improved earnings from coffee came despite lower sales from the division, which was impacted by foreign exchange. The improved profitability from coffee was due to a better performance from its business in Brazil, Strauss’s largest market for coffee.
Strauss generated operating profit of NIS24m – up 43.2% on the year – from its international dips and spreads business, a venture with PepsiCo. Net sales increased by 20.6% to NIS293m.
The company’s total net sales were up 0.7%, affected by foreign exchange. Excluding currency fluctuations, sales increased 4.3%.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSee Also:
Click here for the full statement from Strauss.
