Food company Strauss Group reported a 14 percent rise in second quarter net profit, boosted by growth in Israel and in its international dips and spreads business.
Strauss, a maker of snacks, fresh food and coffee, said on Tuesday it earned an adjusted 112 million shekels ($30.3 million) in the quarter, up from 97 million a year earlier.
Revenue rose 3 percent to 2.1 billion shekels. Excluding foreign currency effects, organic sales growth was 6.4 percent.
Strauss is the second-largest company in the Israeli food and beverage sector.
Giora Bardea, interim CEO at Strauss, said the company outperformed in the domestic market due to product innovation and diversification.
“The group’s international activity, which accounts for around half of its revenue, continues to expand, and we plan to maintain this strategy going forward,” he said.
Coffee sales fell 0.3 percent to 978 million shekels in the period, but grew 5.5 percent excluding foreign exchange effects. Strauss is one of the market leaders for roast and ground coffee in central and eastern Europe and Brazil.
Sales at its international dips and spreads joint ventures with PepsiCo rose 10.7 percent as the business recovered from a hummus recall in 2016. ($1 = 3.7021 shekels). Reuters
Frontpage September 25, 2019