PETAH TIKVA, Israel – This morning, Strauss Group published its financial statements, summing up the third quarter of 2024 with growth in revenues, which totaled NIS 3 billion (US$809.1 million), up 11.8% compared to the corresponding period last year. Operating profit was NIS 223 million (US$ 60.1 million), 7.4% of total sales. Net income attributable to shareholders of the company was NIS 102 million (US$ 27.5 million), reflecting a decline of 15.4% compared to the same quarter last year.
Strauss Group concluded the first nine months of 2024 with revenues of NIS 8.3 billion (US$ 2.2 billion), up 6.1% compared to the same period last year. Operating profit in the nine months was NIS 578 million (US$155.9 million), down 2.3% compared to the corresponding period, and constituted 6.9% of total sales in the period. Net income attributable to shareholders of the company was NIS 344 million (US$ 92.8 million), up 1.3% compared to the corresponding period last year.
Over the past few months, the Group has completed several key strategic initiatives as part of executing its strategy. As part of this process, the company announced at the end of last week the sale of its ownership interest in Sabra and Obela for NIS 900 million. Sabra and Obela will be acquired by the global food and beverage company, PepsiCo, the Group’s partner in the joint ventures.
Several months ago, Strauss launched a revised strategy for the Group, prioritizing a renewed focus on its core activities, strengthening its home base in Israel, expanding the business in Brazil and continuing to grow the water business internationally, while making further investments in the development of capabilities and boosting robustness and readiness for the future. The company will continue to pursue the implementation of the Group’s strategy.
Strauss International Coffee – revenue and EBIT growth
Strauss International Coffee delivered revenues of NIS 1,259 million (US$339.6 million) in the third quarter of 2024, up 17.8% compared to the same quarter in 2023, and operating profit was NIS 68 million (US$ 18.3 million), up 12.6% compared to the same quarter last year.
The coffee company in Brazil, Três Corações (50%) concluded the third quarter with NIS 897 million (US$ 241.9 million) in revenues, up 25.6% compared to last year, and operating profit of NIS 48 million (US$ 12.9 million), reflecting an increase of 61.7% compared to the third quarter of 2023.
The coffee business in Russia summed up the third quarter with revenues of NIS 148 million (US$ 39.9 million), up 16.9%. The business in Ukraine concluded the quarter with revenues of NIS 40 million (US$ 10.8 million), an increase of 3.3%. In Poland, revenues in the quarter were NIS 104 million (US$ 28.1 million), an increase of 15.9%, and the business in Romania delivered NIS 73 million (US$ 19.7 million) in quarterly revenues, up 26.7% compared to corresponding period last year.
