Makhteshim Agan reports improved profitability

Third quarter operating profit rose 39.3%, on revenue of $732 million, compared with $643.5 million for the corresponding quarter.

Makhteshim Agan Industries Ltd. today published its financial report for the third quarter of 2013 and the first nine months of the year.

Third quarter revenue totaled $732 million, compared with $643.5 million for the corresponding quarter of 2012. The 13.8% growth derived from increased quantities sold and higher selling prices, which compensated for the weakening of various currencies in some of the regions in which the company operates.

Operating profit rose by 39.3% to $73.5 million (10% of sales) for the third quarter, from $52.8 million (8.2% of sales) for the corresponding quarter. Operating profit rose 6.9% to $297.9 million (12.3% of sales) in January-September from $278.6 million (12.4% of sales) in the corresponding period of last years.

Net profit totaled $18 million (2.5%) of sales for the third quarter, compared with $4.9 million (2% of sales) for the corresponding quarter.

" I am very pleased to report the highest third quarter sales by Makhteshim Agan in our history and significant growth in all financial indicators for the quarter and the first nine months of the year. We were able to improve our gross profit, operating profit, EBITDA and net income for the quarter, despite adverse weather conditions in North America and significant weakening of some of the key currencies in which the company operates in the Asia-Pacific region," said Makhteshim Agan president and CEO Erez Vigodman.

"Consistent improvement in our results throughout the last three years is evidence of the business transformation we have undergone. These enabled us to realize opportunities in our industry while taking an active role in helping to address the global food challenge. We are encouraged by our progress on various operational and commercial fronts as we advance our strategic plan to build a solid platform in China and to improve our portfolio allowing us to offer effective solutions to farmers worldwide."

Published by Globes [online], Israel business news - - on November 10, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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