Turpaz Industries: announces Q3-2024 financial results

Holon / IL. (tin) Turpaz Industries, a global leading company in the field of development, manufacturing and marketing of flavor and fragrance extracts, functional ingredients and specialty fine ingredients for the food, beverage and the personal care industries, publishes its results for Q3 and 9M-2024.

Turpaz reports a 50.1 percent increase in its revenues in Q3-2024, to USD 48.7 million. The company’s revenues in the first nine months grew by 43.1 percent and amounted to USD 134.5 million. The increase in sales is due to organic growth in Turpaz’s core business – Taste and Scent, and a merger starting from the date of acquisition of the three successful strategic acquisitions made by Turpaz in the first nine months of 2024 – Sunspray in South Africa starting February 01, 2024; Clarys + Willich in Belgium and Germany starting from April 01, 2024; and F+E in England, starting September 01, 2024.

The adjusted Ebitda in Q3-2024 grew to USD 12 million, an increase of 59.3 percent compared to USD 7.6 million in the corresponding quarter and its rate amounted to 24.7 percent, which is one of the highest in the industry globally. In the first nine months, the adjusted Ebitda grew to USD 30.3 million, an increase of 50.3 percent compared to USD 20.2 million in the corresponding period, and its rate amounted to 22.6 percent, which is one of the highest in the industry globally.

The gross profit in Q3-2024 increased by 53.6 percent and reached USD 19.9 million compared to USD 13.0 million in Q3 2023; The gross profit in the first nine months increased by 45.6 percent and amounted to USD 52.4 million compared to USD 36.0 million in the corresponding period.

The net profit in Q3-2024 was USD 4.6 million, an increase of 15.8 percent compared to USD 4 million in the corresponding quarter. In the first nine months, the net profit was USD 11.4 million, an increase of 19.5 percent compared to USD 9.5 million in the corresponding period.

Turpaz is a global company whose sales rate outside of Israel and the Middle East made up 85 percent of the group’s total sales. Its core activity focuses on Taste (sweet and savory) and Scent. The core business accounts for over 90 percent of its revenues.

Turpaz intends to continue its acquisition journey

Since the beginning of 2024, Turpaz has made four strategic acquisitions: Sunspray in South Africa, Clarys + Willich in Belgium and Germany, F+E in England and the Schumann company in Germany. These strategic acquisitions are a continuation of the realization of the growth and global deployment strategy in combination with organic growth and leveraging the synergies between the companies in the group. The company intends to continue its acquisition journey in the world.

Karen Cohen Khazon, Chairperson and CEO: «We are satisfied with the level jump and the results we have achieved in Q3 and 9M-2024, in which we also recorded records in sales, gross profit and adjusted Ebitda. In the last four years, we have doubled Turpaz’s revenues and profits, a move that expresses the successful implementation of our rapid and profitable growth strategy that combines internal growth, leveraging the synergies between the companies in the group, and strategic acquisitions that contribute to the continuous and consistent improvement in our results.»

For additional information please read the Company’s PDF file below (241 KB):

20241118-TURPAZ-Q32024.