Israeli flavors and fine ingredients developer Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) has reported record revenue and profit for the first quarter of 2017.
Boosted by three acquisitions in the first quarter of 2017, Frutarom's revenue was a record $302.5 million in the first quarter of 2017, up 17.4% from the corresponding quarter of 2017. Net profit in the first quarter was $33.7 million, up 56.9% from the corresponding quarter.
Frutarom CEO Ori Yehudai said, “We are progressing according to plan with the full merging and integration of the 23 strategic acquisitions we made over the past two years. Since the beginning of the year we made three strategic acquisitions that present us with growth opportunities in new markets: René Laurent provides us an entry into local production activity in the significant French flavors market, WFF constitutes our first penetration into growing Vietnamese flavors market, and Unique Flavors in South Africa which contributes towards significantly strengthening our position in the field of savory products in the rapidly growing areas of Africa. Another important move we completed in February 2017 was exercising our option to acquire the 25% balance of holdings in the Russian flavors company PTI which reflects a significant boost of value for our customers, for our employees, and for our investors."
Frutarom expects $2 billion in sales with an EBITDA of over 22% in its core activities by 2020.
Published by Globes [online], Israel business news - www.globes-online.com - on May 24, 2017
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