PETAH TIKVA, Israel – This morning, Strauss Group published its financial statements, summing up the first half of 2024 with growth in revenues, which totaled NIS 5.3 billion (US$1.443 billion), up 3.2% compared to the corresponding half last year. Operating profit was NIS 355 million, 6.7% of total sales. Operating profit was significantly impacted by the increase in raw material prices, which led to a decline of 6.0% compared to last year.
Net profit was NIS 242 million, reflecting an increase of 10.6% compared to the first six months of 2023.
Strauss Group concluded the second quarter of 2024 with revenues of NIS 2.8 billion (US$ 762.5 million), up 4.9% compared to the same quarter last year.
Operating profit in the quarter was NIS 151 million, down 10.3% compared to the corresponding period, and constituted 5.5% of total quarterly sales. Net income attributable to shareholders of the Company was NIS 83 million, a decline of 2.4% compared to the second quarter of 2023.
Strauss International Coffee – revenue growth
Strauss International Coffee concluded the first half with revenues of NIS 2,159 million (US$ 587.9 million), up 2.9% compared to the corresponding period last year, and closed the second quarter with revenues of NIS 1,205 million, up 5.0% compared to the same quarter in 2023. Strauss International Coffee’s operating profit was NIS 99 million in the first six months, down 27.5% compared to the corresponding period, and NIS 61 million in the second quarter, down 20.8% compared to the same quarter last year.
The coffee business in Brazil (for 50%) concluded the first six months of 2024 with NIS 1,487 million (US$ 404.9 million) in revenues, up 5.9%, and revenues of NIS 842 million in the second quarter, an increase of 7.6% compared to last year. The business in Brazil concluded the first half with NIS 51 million in operating profit, down 25% compared to last year, and operating profit of NIS 38 million in the second quarter, down 3.6% compared to the second quarter of 2023.
Três Corações’ average value market share in roasted and ground coffee (R&G) in the first half of 2024 reached 32.9%, compared to 33.8% last year.
The coffee business in Russia and Ukraine ended the first half with sales of NIS 312 million, down 7.2%, and sales of NIS 183 million in the second quarter, an increase of 6.8%. Sales by the coffee business in Romania in the half-year period were NIS 105 million, down 6.1%, and in the second quarter, sales were NIS 60 million, down 2.0% compared to the same quarter last year. In Poland, coffee sales in the first half were NIS 205 million, an increase of 21%, and in the second quarter, NIS 102 million, an increase of 13.2%.
