Food company Strauss Group Ltd. (TASE:STRS) today reported strong profit growth on flat revenue for 2013. Full-year revenue dipped 0.5% to NIS 8.14 billion from NIS 8.18 billion in 2012, and net profit rose 39% to NIS 329 million (NIS 3.09 per share) from NIS 238 million.
Strauss said that organic sales growth, excluding the effect of the strengthening of the shekel during 2013, was 4.8%.
Cash flow from operations rose 7% to NIS 716 million in 2013 from NIS 670 million in 2012.
Domestic sales totaled NIS 3 billion in 2013, 3.4% more than in 2012. Strauss Coffee sales fell 6.2% to NIS 3.94 billion in 2013, of which NIS 3.23 billion were foreign sales, and international dips and spreads sales through Sabra and Obela in North America rose 15% to NIS 600 million.
Strauss chairwoman Ofra Strauss earned NIS 3.91 million in 2013, and the salary cost of CEO Gadi Lessin was NIS 10.7 million, including NIS 6 million in stock-based compensation.
Published by Globes [online], Israel business news - www.globes-online.com - on March 26, 2014
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