Strauss Group: Reports Half-Year 2024 Results

Petach Tikva / IL. (sg) Israel’s Strauss Group Limited published its financial statements, summing up the first half of 2024 with growth in revenues, which totaled NIS 5.3 billion, up 3.2 percent compared to the corresponding half last year. Operating profit was NIS 355 million, 6.7 percent of total sales. Operating profit was significantly impacted by the increase in raw material prices, which led to a decline of 6.0 percent compared to last year. Net profit was NIS 242 million, reflecting an increase of 10.6 percent compared to the first six months of 2023. Strauss Group concluded the second quarter of 2024 with revenues of NIS 2.8 billion, up 4.9 percent compared to the same quarter last year. Operating profit in the quarter was NIS 151 million, down 10.3 percent compared to the corresponding period, and constituted 5.5 percent of total quarterly sales. Net income attributable to shareholders of the Company was NIS 83 million, a decline of 2.4 percent compared to the second quarter of 2023.

Group President and CEO Shai Babad: «The Group continues to deliver growth in most businesses and is concentrating on implementing its strategic plan, which calls for focus on core business, on investments, and on the development of growth engines that will drive the Group forward in the next few years. Our sales growth is accompanied by the constant need to contend with the ongoing uptrend in raw material prices, which is taking a toll on the Group’s margins. The food industry is a meaningful part of Israel’s civilian “Iron Dome”. Strauss has manufacturing sites to the length of the country, from north to south, and together with our farmers, we are committed to food security and to sustaining the strength of Israeli industry.»

(Table: Strauss Group)