March 20, 2018 / 7:31 AM / 9 months ago

Israel's Frutarom Q4 profit jumps 47 pct on record sales

TEL AVIV, March 20 (Reuters) -

* Israeli flavour and fine ingredients maker Frutarom Industries reported on Tuesday a 47.3 percent rise in fourth-quarter net profit to a record $39.8 million.

* Sales in the quarter grew 23.7 percent to a record $357.5 million, boosted by 12 acquisitions made in 2017.

* The company said it expects 2018 to be another record year as it continues to improve its profitability and due to projects for combining plants and the completion of its Enzymotec acquisition.

* “We are certain that the organic, rapid and profitable growth, along with our strategic acquisitions ... will support our continued profitable growth in the years to come and the attainment of our strategic targets - $2.25 billion in sales with an EBITDA margin of 23 percent in our core activities, by 2020,” CEO Ori Yehudai said. (Reporting by Tova Cohen Editig by Steven Scheer)

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