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.
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.
“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.
The 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.”