Turpaz Industries Group, a global leader in the development, manufacturing, and marketing of flavor and fragrance extracts, functional ingredients, and specialty fine ingredients for the food, beverage, and personal care industries, has announced record financial results for the second quarter and first half of 2024. The company’s strategic growth strategy, which combines organic expansion with strategic acquisitions, has driven significant improvements in both revenue and profitability.
Turpaz’s revenue in the second quarter of 2024 reached a record high of USD 46.8 million, representing a 52.7% increase compared to the same period last year. This growth was fueled by a combination of factors, including organic growth in the company’s core Taste and Scent segments (which account for 90% of its total sales), and the successful integration of recent acquisitions. The Taste segment, which is the largest operating segment for Turpaz, saw a remarkable 118% increase in revenue, reaching USD 34.2 million. The Scent segment also experienced strong growth, with revenue increasing by 10% to USD 9 million.
The company’s adjusted EBITDA also reached record levels in the second quarter, growing by 65% to USD 9.9 million. This strong performance reflects the effectiveness of Turpaz’s strategy to streamline operations and leverage synergies between its various business units.
Turpaz’s global presence has also expanded significantly. International sales now account for 84% of the company’s total revenue, driven in part by the recent acquisitions of Sunspray in South Africa and the Clarys & Willich group in Belgium and Germany. Since becoming a publicly traded company in May 2021, Turpaz has completed a total of ten acquisitions, demonstrating its commitment to global growth and expansion.
Karen Cohen-Khazon, CEO and Chairperson of Turpaz Industries’ Board of Directors, expressed pride in the company’s continued success. “We are proud to continue delivering record results in sales, gross profit, operating income, and adjusted EBITDA, which reflect the execution of our combined growth strategy – organic growth with mergers and acquisitions. The robust growth, alongside an improvement in profitability, highlights our ability to successfully integrate our recent acquisitions and leverage the synergies between our Group companies. We continue to assess and promote further acquisitions from across the world, which are synergetic to our operations, while expanding our global presence and maximizing the value we provide to our customers across the world.”
Turpaz’s strong financial performance and robust equity structure, along with the support of leading financial institutions in Israel and around the world, position the company for continued growth and success in the future. The company remains focused on executing its combined growth strategy, which is based on organic growth and strategic acquisitions that are synergistic with its existing operations.
