Strong demand in Brazil led to a jump in South America sales.
Makhteshim Agan Industries Ltd. (TASE: MAIN) today published its financial report for the third quarter of 2007. The generic agrochemicals maker posted a record $496 million revenue, up 21.7% from the $407.6 million for the corresponding quarter of 2006. Net profit totaled $39.2 million, up 60.3% from $24.5 million for the corresponding quarter.
The restructuring program initiated by Makhteshim Agan chairman and CEO Avraham Bigger is paying off. Bigger is a close associate of Nochi Dankner, the president and chairman of Makhteshim Agan parent company, IDB Holding Corp. Ltd. (TASE:IDBH). Earnings before interest, taxes, depreciation and amortization (EBITDA) was a record $84 million for the third quarter, up 40.9% from the $59.6 million for the corresponding quarter.
The geographical breakdown of sales for the third quarter was as follows: Europe - $179.4 million, up 23.6% from $145.1 million for the corresponding quarter; South America - $159 million up 35.9% from $117 million for the corresponding quarter; and North America - $79.3 million up 14% from $69.5 million. The company attributed much of the increase in South America to strong demand in Brazil.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2007
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