Turpaz Group's revenues increased by 53%, reaching record high of USD 46.8 million; adjusted EBITDA increased by 65%, reaching a record level of USD 9.9 million in the second quarter of 2024
The cash flows from operating activities, which amounted to
Since the beginning of 2024, Turpaz completed 2 strategic acquisitions, which expanded its global presence - Sunspray (in
With the expansion of the Company's activities and its acquisitions around the world, Turpaz sales in the global markets have reached 84% of its total sales
The core businesses - the Scent and Taste segments, which constitute 90% of sales, achieved a double-digit organic growth
Since it became a public traded company, Turpaz is ahead of the target it set itself of doubling the Company every 4 years
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Q2 2024 results:
In the second quarter of 2024,
Gross profit hit record levels and achieved growth of 61%, reaching USD 18.1 million compared to gross profit of USD 11.2 million in the corresponding quarter last year.
Operating income reached record high and amounted to USD 5.9 million in the second quarter of 2024, a growth of 60.6% compared to USD 3.7 million in the corresponding quarter last year. The increase and the improvement in operating income stems mainly from an increase in sales and the steps taken to increase efficiency and synergies that were well reflected in the second quarter of 2024. Adjusted EBITDA also reached record levels, growing by 65% to USD 9.9 million compared to USD 6 million in the corresponding quarter last year.
The revenues of the Taste segment, which is the largest operating segment (73% of the Group's sales) increased by 118% and reached USD 34.2 million - generating an operating income of USD 5.9 million, and the revenues of the Scent segment (19% of the Group's sales) increased by 10% and reached USD 9 million - generating an operating income of USD 2.3 million.
Net income increased by 36.7% and amounted to USD 3.4 million, compared to a net income of USD 2.5 million in the corresponding quarter last year; the cash flow from operating activities in the quarter amounted to USD 7.7 million.
H1 2024 results:
In the first half of 2024,
Gross profit hit record levels and achieved growth of 41%, reaching USD 32.5 million compared to gross profit of USD 23 million in the corresponding half of last year.
In the first half of 2024, operating income amounted to USD 11.4 million - a 44.9% growth - compared to
In the first half of 2024, the revenues of the Taste segment, which is the largest operating segment (68% of the Group's sales) increased by 85% and reached USD 58.7 million - generating an operating income of USD 10.3 million, and the revenues of the Scent segment (21% of the Group's sales) increased by 10.3% and reached USD 17.8 million - generating an operating income of USD 4.9 million.
Net income increased by 22.1% and amounted to USD 6.7 million, compared to a net income of USD 5.5 million in the corresponding half last year.
Turpaz's strong equity structure, net debt coverage ratio of 1.1, cash flows from operating activities amounting to USD 11.3 million in the first half of 2024 and USD 7.7 million in the second quarter of 2024, the backing from leading financial institutions in
During the reporting period, Turpaz engaged in an agreement for the provision of a loan from a European banking corporation, at the total amount of up to EUR 25 million, which will be used mainly to finance the acquisitions and growth strategy, working capital and investments in property, plant and equipment.
Since the beginning of 2024, Turpaz completed two strategic acquisitions, which continued the Group's global expansion trend - the acquisition of Sunspray in
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About Turpaz:
Turpaz is a global group, which develops, manufactures and markets taste and scent solutions and specialty fine ingredients for the food, beverages, pharma and personal care industries. With over 3,000 customers in 60 countries, Turpaz operates 17 production sites and research and development centers across the world, and employs approx. 800 employees.
Company website: www.turpaz.co.il
Contact:
yoni.adini@turpaz-group.com
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