Osem's Bamba
Photo: Osem Studio
Israel's Osem Q4 net profit up 18.6 percent
Higher sales, efficiency measures, and deep penetration of Nestle products drive dramatic rise in quarterly net profit.
Israeli food maker Osem Investments posted an 18.6 percent rise in quarterly net profit due to higher sales, efficiency measures and lower financing expenses.
Osem, 63.7 percent owned by Swiss food company Nestle, said on Monday fourth-quarter net profit rose to 90.4 million shekels ($26.11 million) from 76.2 million a year earlier.
Sales rose 2.4 percent to 1.04 billion shekels.
Osem said the rise was due to deeper penetration of Nestle products, an expansion into new sectors in Israel and abroad and steps to boost efficiency and cut costs.
