Food ingredients maker Frutarom today (24 March) booked “record” annual profits for 2010 amid rising sales, notably in Asia and the Far East.
The Israel-based group, which makes flavours and ingredients for the food and beverage sectors, posted a 32.8% jump in net profit to US$44.1m. Operating profit was up 33.2% at $63m.
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Fruatrom’s sales rose 8% to $425.2m when measured in local currencies. The strengthening of the US dollar did weigh on sales growth – when booked in US dollars, sales increased by 6.1%.
The company pointed to its activities in emerging markets, where it said its results were “impressive”. Sales in Asia and the Far East, for example, grew by 22.8%, Frutarom said.
Frutarom has made two acquisitions since the start of 2011 – Rieber & Son’s industrial savoury business and UK ingredients firm EAFI. Ori Yehudai, Frutarom’s president and CEO, said the company planned to focus more on acquisitions in emerging markets.
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“Frutarom strives for realising its excellent acquisitions pipeline and will put a greater emphasis on acquisitions in the growing, target markets of Asia, Eastern Europe, Central and South America, alongside acquisitions in traditional markets such as North America,” Yehudai said.
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By GlobalDataThe Frutarom chief added: “Alongside the acquisitions, we will continue to act for achieving profitable, organic growth, to achieve our goal and again double our turnover within the next four years.”
