Food ingredients group Frutarom today (17 August) booked increasing quarterly profits as flavour sales boosted earnings.
Frutarom posted a 29.1% rise in second-quarter net profit to US$13m after revenue increased 10% to $114.3m. EBITDA rose 38.1% to $24m.
“The increase in sales in the second quarter arises mainly from an organic growth in Frutarom’s flavour segment and from an accelerated growth in the activity of speciality fine ingredients segment,” Frutarom said.
In the first six months of 2010, net profit was up 53.8% at $24.1m. Operating profit increased 56.4% to $36m. Sales climbed 10% to $227.7m.
Frutarom president and CEO Ori Yehudai said he was “satisfied” with the growth the company had seen in the quarter and he set out plans to expand the business over the next five years.
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“We will decisively continue to act to implement our rapid growth strategy which combines organic growth and strategic acquisitions and the two together will allow us to again double our sales turnover in the next 4 years, to approximately US$1bn,” Yehudai said.