Spanish food group Ebro Foods has recorded an increase in profit in the first nine months of the year driven by the integration of businesses acquired last year and innovation.
Ebro posted a net profit of EUR110m (US$141.6m) in the nine month period, representing year-on-year growth of 19.1%. Profit before tax grew 24% to EUR178m.
The company said the “successful incorporation” of the businesses acquired in 2011 and the “success of the latest launchings”, in both its traditional core businesses of rice and pasta helped drive results.
EBITDA amounted to EUR208m, a 12% increase on the prior year, while net sales grew 16% to EUR1.52bn.
In December last year, Ebro announced it would buy two brands from US sales and marketing firm Strom Products. In April, Ebro purchased the rice assets of the then SOS Corporacion Alimentaria.