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Frutarom Reports Year End Profit Increases
March 24, 2011
2 Min Read
HAIFA, IsraelFrutarom said its revenues increased by 8 percent in local currency and 6.1 percent in U.S. dollars to $US 451.1 million in 2010. In its 2010 annual and fourth-quarter results, the company also said it saw a 33-percent rise in operating profit to $US 63 million and a net profit of $US 44.1 million, which is a record for the company.
Ori Yehudai, Frutarom's president and CEO, said, "Frutarom is continuously accelerating its penetration into emerging markets, which are characterized by high growth rates and increasing demand for the company's products, while continuing to grow in traditional markets."
Other 2010 highlights:
Operating profit increased by 33.2 percent reaching a record of $US 63 million
EBITDA increased by 23.9 percent reaching a record of $US 82 million
Profit before tax increased 39.2 percent to $US 59.8 million
Net profit increased by 32.8 percent reaching a record of $US 44.1 million
Earning per share increased by 32.6 percent reaching a record of 0.77$
Additional dividend distribution totaling NIS 11.6 million ($US 3.3 million)
Frutarom's revenues in Q4 2010 totaled $ 112.4US million, a 7.3 percent increase in local currency terms compared to Q4 2009.
Frutarom said sales in Asia and the Far East grew in 2010 by 22.8 percent alongside an increase of 12.6 percent in America compared to the same period in 2009.
Annual gross profit increased by 12.4 percent totaling $US 174.8 million compared to $US 155.5 in 2009. Gross margin rose and reached 38.8 percent compared to 36.6 percent in 2009.
Gross profit in Q4 2010 increased by 4.3 percent and reached $US 41.3 million compared to $US 39.6 million in the same quarter in 2009. Gross margin reached 36.8 percent compared to 36.5 percent in the same period in 2009.
In 2010, Frutarom's generated cash flow from current activity of US$ 62.1 million compared to a cash flow of US$ 84.9 million in 2009. Frutarom's equity as of December 31, 2010 totaled US$ 359.8 million (69.3 percent of the total balance sheet) compared to US$ 318.5 million (60.5 percent of the total balance sheet) on Dec. 31, 2009.
Frutarom is a global company operating in the global flavor and fine ingredients markets. Frutarom has production and development centers on three continents, and it markets its products in five continents to more than 13,000 customers in more than 120 countries. Frutaroms products are intended mainly for the food, beverage, flavor, fragrance, pharmaceutical, nutraceutical, health food, functional food, food additives and cosmetic industries.
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