Israeli food and beverage giant Strauss Group reports 10% second quarter revenue growth, with Strauss Coffee reporting robust 13% sales growth to NIS 848m ($262m) in its second quarter
Strauss Coffee reported 13% sales growth to NIS 848m ($262m) in its second quarter | Photo credit: Strauss Group
Strauss Group has highlighted positive revenues growth for its coffee unit, Strauss Coffee, as the wider business continues to recover from Covid-19 disruption.
Reporting its financial results for the second quarter of 2021, Strauss Group said revenues rose 10% to NIS 2.13 bn ($657m) in the second quarter, with Strauss Coffee's revenues growing to NIS 848m ($262m), a 13% increase on the same period in 2020.
The financial results were accredited to the reopening of the Elite Coffee Café chain in Israel, as well as strong sales in Serbia, Romania, Russia and Ukraine.
Strauss Coffee, part of Strauss Group, is a pure play coffee company operating in 10 countries globally, with more than 16 brands and over 6,000 employees.
Elite Coffee, Strauss Coffee’s flagship brand, sells a range of retail coffee products including instant, RTD and capsules. The company, which has been operating for nearly 60 years, promotes that Elite Coffee products make up 62% of the 2.5 billion cups of coffee consumed in Israel annually.
Strauss Coffee’s own coffee chain, Café Elite, operates on-the-go cafés in high footfall locations in Israel, including train stations, hospitals, universities and workplaces.
“The coffee company is growing in all geographies: Brazil, Israel and Eastern Europe, and the capsule category is a strong growth driver in Israel and Brazil,” said Strauss President and CEO CEO Giora Bardea.
Further highlighting the business opportunities of plant-based products globally, Bardea also confirmed Strauss Group would enter a partnership agreement with the tofu manufacturer, Wyler Farms, and establish a new manufacturing plant for Alpro products in Israel.