Record revenues for Thorpez in 2021 which grew by about 61.8% And amounted to approximately $ 85.3 million, compared to revenues of approximately $ 52.7 million in the corresponding period last year. Revenue increased thanks to the contribution of the completed acquisitions in 2020 and 2021 as well as from organic growth neutralized by currencies of approximately 18.6%.
Thorpez’s gross profit soared To the peak In 2021 and amounted to approximately $ 34.7 million (approximately 40.6% of sales), an increase of approximately 59.1%, compared with approximately $ 21.8 million (approximately 41.4% of sales) in the corresponding period last year. The increase in gross profit is due to an increase in the company’s sales worldwide and the completion of acquisitions completed in 2020 and 2021, as well as the leverage of synergy between the sectors and companies. Despite market challenges and rising raw material and transportation prices, the company maintained a gross margin of over 40%.
The slight decrease in the rate of gross profit was due to the sharp increase in sales of the flavor segment whose profitability for the reporting period is low compared to the rest of the company’s operating segments and was affected by the consolidation of SDA’s results in the fourth quarter of 2020. In operating profitability over the following quarters.
Operating profit peaked in 2021 And grew by 57.5% and amounted to a peak of $ 16 million (approximately 18.8% of total revenues), compared with approximately $ 10.2 million (approximately 19.3% of total revenues) in the corresponding period last year. The increase in administrative and general expenses is due to acquisitions completed in the second half of 2021, the recruitment of a management team and the strengthening of the company’s headquarters in order to support the Thorpez Group’s integrated growth strategy.
Net income peaked in 2021 And grew by 57% and amounted to a total of about $ 12.8 million (about 15% of revenues), compared to about $ 8.1 million (about 15.4% of sales) in the corresponding period last year.
God- EBITDA The coordinate of Thorpez Grew by 46% in 2021 and peaked at about $ 20.5 million (about 24% of total sales), compared to $ 14 million (about 26.6% of total revenue) in the same period last year.
The balance of cash and the net cash value of the company As of December 31, it was approximately $ 55.9 million and the Company’s cash flow from operating activities amounted to approximately $ 12.3 million in 2021.
The company’s board is happy to announce that it has approved Dividend distribution to the Company’s shareholders In the amount of $ 3.86 million, which is about 30% of net income for 2021. The dividend amount per share is 3.86 cents per share (12.6 cents). The determining day will apply on March 23, 2022 (in accordance with the stock exchange’s directives, the determining day will also constitute the “ex” day) and the amount of the dividend will be payable on March 31, 2022.
Results of the activity segments:
Field of odor activity Grew by 28.3% in revenues that peaked at about $ 19.4 million in 2021, compared to revenues of about $ 15.1 million in the same period last year. The increase in revenues in the field of odor activity is mainly due to organic growth neutralized by the effect of currencies at a rate of about 22.7%. Operating profit in the field of fragrance activity grew by 34.5% and amounted to a peak of about $ 6.8 million in 2021 (about 35.0% of sales). Compared to a total of about $ 5.1 million in 2020 (about 33.4% of sales).
Field of flavors activity It recorded a jump in revenue of 242.6%, which amounted to a peak of about $ 33.3 million in 2021, compared to revenue of about $ 9.7 million in the corresponding period last year. The sharp increase in revenues in the flavor business is due to the completion of acquisitions in 2021 and 2020 as well as organic growth neutralized by the effect of currencies of 17.9%. Operating profit in the flavoring business area grew by approximately 173.2% and amounted to $ 2.5 million in 2021 (approximately 7.6% of sales), compared with a total of $ 0.9 million in 2020 (approximately 9.5% of sales). The rate of profitability in the period was affected by the consolidation of the results of SDA’s operations starting in the fourth quarter of 2020, because SDA’s operating profitability is currently low in relation to the company’s profitability. The company has begun a program to improve its product lines, operations to streamline operations, all of which are expected to lead to an improvement in operating profitability over the coming quarters.
Revenues in the field of intermediates for the pharma industry Resulted from an organic growth neutralized by a currency of approximately 46.9% and amounted to a peak of approximately $ 20.9 million in 2021, compared to revenues of approximately $ 14.2 million in the corresponding period last year. Operating profit in the intermediate materials sector for the pharma industry increased by 91.8% and peaked at about $ 6.6 million in 2021 (about 31.7% of sales), compared to $ 3.4 million in the corresponding period last year (about 24.3% of sales).
Revenues in the field of unique raw materials Amounted to approximately $ 11.7 million in 2021, compared to revenues of approximately $ 13.6 million in the corresponding period last year. The decrease in revenues in the field of unique raw materials is due to a change in the sales mix and a preference for products with higher profitability. Operating welfare in the field of unique raw materials in the world amounted to about $ 3.3 million in 2021 (about 28.3% of sales) compared to about $ 3.1 million in 2020 (about 22.6% of sales). The sharp increase in the rate of operating profit in the field of unique raw materials is due to a change in the sales mix and a decrease in sales of low-profit products which have led to improved profitability and profitability.