27 March 2012 09:14 [Source: ICIS news]
SINGAPORE (ICIS)--Israeli fertilizer firm ICL reported on Tuesday a 51% year-on-year rise in its net income to $370m (€278m) in the fourth quarter of last year, with sales up 21% on the back of higher selling prices of its key products.
The firm’s sales reached a record of $1.71bn in the fourth quarter of 2011, while operating income rose by 38% year on year to $467m, the company said in a statement.
Its operating margin improved to 27.2% in the October-December period of 2011, compared with 23.9% in the same period a year earlier, it said.
For the full year of 2011, the company’s net income surged by 48% year on year to $1.51bn, with sales up by 24% at $7.1bn, it said.
Overall revenues last year were boosted by strategic acquisitions that were consolidated during the course of the year; namely the Everris and Fuentes Special Fertilizers businesses which were acquired in the first half of 2011, and Cosmocel & Halox, which was acquired in the third quarter.
ICL’s operating income in 2011 rose by 43% year on year to $1.93bn, while operating margin improved to 27.2%, compared with 23.7% in 2010, the company added.
($1 = €0.75)
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