Frutarom reports record Q2 growth

Frutarom Industries has reported record quarterly revenues for the second quarter of 2012. The company achieved sales of $165m, up 26% on the same period last year, while gross profit grew 27.4% to $61.8m. In addition, operating profit was up 28.1%, reaching $21.8m and EBITDA increased by 28.3% to $28.5m in Q2 2012.

Sales in the company’s most profitable segment, Flavors, increased by 43.2% net of currency effects compared to Q2 2011 to reach a record high of $122.5m and making up 74.3% of Frutarom’s total sales.

Acquisitions made in 2011 and in Q1 2012 contributed $38.6m to sales in Q2 of which $33.5m was attributed to acquisitions in the Flavors segment.

President and ceo Ori Yehudal said: “The fact that the Company has achieved record highs in performance, in both revenues and profit, despite current market conditions and currency effects, is a testament to the success of the Company’s rapid growth strategy, based on profitable organic growth and supporting strategic acquisitions, and optimal management of the Company’s broad product portfolio together with accelerated expansion into target markets with higher growth rates.”