Strauss Group Reports Q3 2022 Earnings, Revenues Boosted by Strong Coffee Sales

By: Alexis Rubinstein, Managing Editor - Coffee Network

Mon, 28 Nov 2022, 15:20

Alexis Rubinstein

Managing Editor

CoffeeNetwork (New York) - This morning, Strauss Group published its financial statements for the third quarter of 2022. In the quarter, the Company recorded an increase of 7%1 in revenue, which amounted to NIS 2.5 billion. In the first nine months of 2022, revenue totaled NIS 7 billion, up 7.6%1. The increase is largely due to sales growth in the coffee company in Brazil and Eastern Europe as well as continued growth in the water company but was offset by the drop in sales by the Confectionery Division and Sabra, both of which operated partially in the past several months.

The consequences of the confectionary recall and the adjustment plan in Sabra, as well as the rising costs of raw materials, mainly raw milk, green coffee, packaging materials and shipping and transportation costs, led to a 9.9% drop in gross profit, which was NIS 746 million in the quarter (gross margin of 30%). These circumstances also caused a drop in operating profit, which amounted to NIS 111 million, down 63.3% compared to the corresponding period last year. Income attributable to shareholders in the quarter was NIS 35 million, reflecting a drop of 82.4% compared to the corresponding quarter of 2021.

Strauss Israel wrapped up the quarter with NIS 871 million in revenue, down 10.7%, largely the result of a 47% drop in sales by the Fun & Indulgence segment, which amounted to NIS 143 million in the quarter due to the confectionery recall.

Strauss Coffee delivered an outstanding quarter, with NIS 1.3 billion in revenue and 37.3% growth across all geographies. In Israel, the coffee company’s revenue was NIS 200 million, reflecting 15.7% growth compared to the corresponding period last year. In Brazil, sales soared 33.6%2 to NIS 697 million, largely the result of a price update introduced this year. The Três Corações coffee company holds a 32.5% share of the roast & ground coffee market in Brazil, compared to 30.6% in the corresponding period. An agreement was recently signed with the partners in the joint venture to extend the successful partnership, which has created exceptional shareholder value throughout the years, for a further twenty years. The coffee business in Europe delivered an especially strong quarter, with sales growth2 of 67% in Russia and Ukraine and 23.5% in Poland.

Alexis Rubinstein

Coffee

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