Strauss Group, a manufacturer of food and drinks products, has reported a 17% rise in its quarterly profits. The rise is largely attributable to strong performance in the company’s international coffee and spreads and dips businesses, Reuters reports.
Strauss announced on Tuesday that earnings for the third quarter where in the order of 81 million shekels (approx $22.8m) dollars excluding one-time items, compared with 69 million shekels (approx $20.5m) a year earlier. With exchange rate effects excluded, sales were also up by 5.7%.
Operating profit in the global coffee sector increased 24% to 108million (approx $30.5m) shekels, even though sales fell 9% to 954 million shekels (approx $269.8m). Sales of international dips and spreads – which is half owned by PepsiCo as part of a joint venture – rose by 13.5%, while operating profit was up 20.8%
Gadi Lesin, Strauss Chief Executive said “The group’s strong performance in the quarter reflects continued strong operating results by Strauss international operations, alongside growth in Strauss Israel and smart cost management”.
With around 12% market share, Strauss Group is described as the second largest company in the Israeli food and beverages industry.