Frutarom sees 2016 revenue exceeding $1b

Ori Yehudai  photo: Eyal Yitzhar

The Israeli flavors and ingredients company reported record results today, boosted by a string of acquisitions in 2015.

Boosted by a string of worldwide acquisitions, Israeli flavors and fine ingredients company Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) sees 2016 revenue exceeding $1 billion for the first time.

The company reported its fourth quarter and full 2015 financial statement today. Fourth quarter revenue rose 11.6% to $225.6 million and net profit rose 36.5% to $30.8 million. Full 2015 revenue was up 6.5% from 2014 to $873 million, while net profit in 2015 was 33.5% to $110.8 million. The company's guidance sees more records being broken in 2016 with predicted sales of $1.1 billion, and Frutarom has set a target of $2 billion annual sales by 2020.

Frutarom president and CEO Ori Yehudai said, "2015 was another milestone year for us in our journey of rapid and profitable growth. The successful implementation of the growth strategy combining profitable internal growth at a higher rate than the growth rates of the markets in which we operate, and strategic acquisitions that contribute to the continuing improvement in our results, brings us to another record year in sales, profits and margins, cash flow and earnings per share."

Published by Globes [online], Israel business news - www.globes-online.com - on March 17, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Ori Yehudai  photo: Eyal Yitzhar
Ori Yehudai photo: Eyal Yitzhar
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