Monday, May 20, 2024

Strauss Group reports 3Q revenue of $725.6 million

PETAH TIKVA, Israel – This morning, Strauss Group published its financial statements for the third quarter and first nine months of 2023, summing up the quarter with NIS 2,675 million ($725.6 million) in revenue and cumulative revenue of NIS 7,854 million $2.13 billion) since the beginning of the year.

Strauss sales grew 7.3% compared to the corresponding quarter and 11.5% in the first nine months compared to the corresponding period last year, as the growth trend in the Group’s business in Israel, China, Brazil and the US continues.

Gross profit in the third quarter was NIS 855 million (32% of sales), and operating profit was NIS 212 million (8% of sales). Since the beginning of the year, Strauss delivered gross profit of NIS 2,531 million (32.2% of sales) and operating profit of NIS 591 million (7.5% of sales).

Net income attributable to shareholders in the quarter was NIS 120 million, and in the nine months – NIS 339 million.

Strauss Coffee

Strauss Coffee posted revenues of NIS 1,278 million ($346.7 million) in the third quarter, reflecting a slight drop of 2% versus the same quarter last year, among other things as a result of the decline in the coffee company in Russia.

Strauss Coffee ended the third quarter with operating profit of NIS 90 million $24.4 million), down 37% compared to last year, the result of exchange rates, green coffee prices and the effects of the war in Russia last year.

In Israel, the coffee company’s revenues in the third quarter were NIS 210 million ($57 million), up 5% compared to the corresponding period last year. Operating profit was NIS 30 million ($8.1 million), an increase of 29% versus last year.

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The international coffee business outside Israel delivered NIS 1,068 million ($289.7 million) in revenue in the third quarter, down 3.6%, and operating profit was NIS 60 million ($16.3 million), a decline of 50% compared to the corresponding period.

The coffee operation in Brazil delivered revenues of NIS 713 in the quarter, up 2% over last year, and most of the businesses in Eastern Europe also delivered growth.

Três Corações‘s average value market share of the Brazilian roast & ground (R&G) coffee market in the first nine months of 2023 was 33.7%, compared to 32.5% in the corresponding period last year.

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