Sunfrost, a wholly-owned subsidiary of Tnuva, Israel’s largest food manufacturer and distributor, posted a 9% increase in sales for the first quarter.
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Revenues climbed to ILS71m (US$17.75m) bringing net profit to ILS4.8m, a 20% increase compared with the corresponding quarter last year. Operating profits rose by 29% to ILS7.7m. Profit before tax surged 32% to ILS6.9m.
Sales of frozen vegetables, which comprise 66% of Sunfrost’s total sales, rose 27% to ILS41m during the first quarter. However, Sunfrost’s subsidiary Ma’adanot reported a decline in sales of frozen baked products, a trend that goes back from 2005.
Sunfrost is active in the frozen food sector, producing and marketing frozen vegetables and confectionery items for the local market and for export.
