Maabarot Products Ltd. (TASE: MABR) today published its financial report for the second quarter of 2007. The company is reaping rewards from the growing health food market. The company posted NIS 116 million revenue for the second quarter, up 20% on the NIS 96 million for the corresponding quarter of 2006.
Half of the growth came from dietary supplements, vitamins and organic foods, which totaled NIS 34 million in sales for the second quarter, up 44% on the NIS 23 million in sales for the corresponding quarter. Maabarot also recorded sales by Adama Organic Food Products Ltd., which it acquired in November 2006. Maabarot’s second quarter organic food sales fell 2.5% compared with the first quarter, however.
Maabarot’s operating profit rose to NIS 14.6 million for the second quarter from NIS 9.3 million for the corresponding quarter, and its net profit rose 148% to NIS 10 million from NIS 4 million.
Maabarot CEO Yigal Gali said that the nutritional supplements and organic foods sector would be the company’s primary growth engine in the future. “This sector, which currently accounts for 30% of our portfolio, did not exist two years ago. It will be our growth engine that will pull the whole company after it, and is the direct result of the health trend in Israel and internationally.”
Published by Globes [online], Israel business news - www.globes.co.il - on August 27, 2007
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