Israeli food and drinks firm Strauss Group has hailed its fourth-quarter results after seeing profits rise and sales growth accelerate.
Strauss posted fourth-quarter sales of NIS1.7bn (US$453.5m) for the three months to the end of December, an increase of 9.7%. Annual turnover climbed 2% to NIS6.4bn.
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Pro-forma operating profit jumped 40% to NIS141m; over the whole of 2009, pro-forma operating profit rose 9.3% to NIS570m.
Fourth-quarter net profit climbed 27.3% to NIS70m, while annual net profit was down 5.8% to NIS268m as Strauss reported a decrease in minority income.
President and CEO Gadi Lesin said: “Strauss Group reported a strong fourth quarter with growth of 10% in sales, 40% in operational profit and 27% in net income.
“In 2009, the group succeeded in achieving its pre-defined objectives and had sales growth, in spite of the challenging business environment, while improving gross profit and profitability as well as operating profit and profitability. At the same time we had record operating cash flow, a testimony to the company’s financial strength.”
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