Shemen Industries evidently managed to overcome the boycott imposed by the religious community, and the import of competing foodstuffs at dumping prices. After a weak performance in 2001, this year the company is surging.

Shemen today reported netting NIS 7.9 million for the second quarter of 2002, compared with NIS 0.5 million for the parallel quarter of 2001.

Despite the boycott, imposed because the company refused to obtain its "kosher" certification exclusively from the religious high court in Jerusalem, but insisted on working with other Jewish high courts too - sales climbed 18% to NIS 118.2 million.

CEO Boaz Tsafrir said the company managed to increase its sales despite the recession, because of the jump in real prices, and by virtue of increasing its market share. It also helped that in the second half of 2001, the Ministry of Industry and Trade agreed to impose levies on imported oil.

Tsafrir attributed part of the gain to new product lines, including "oils from nature".

For the first half Shemen presented an 18% increase in sales to NIS 243.5 million, and a profit of NIS 11 million, compared with NIS 2.3 million profit in the parallel half.

The company's results were also boosted by improved production procedures at lower costs, Tsafrir pointed out.

If you liked this article you might like

Nessuah Zannex: Rating cut's main damage is to banks' images to foreigners

Nessuah Zannex: Rating cut's main damage is to banks' images to foreigners

Yes recruitment rate down to 6,000 a month

Yes recruitment rate down to 6,000 a month

Cadence to invest in Israeli startups

Cadence to invest in Israeli startups

Court grants Mentergy 40-day stay of proceedings

Court grants Mentergy 40-day stay of proceedings

Leader & Co sees Discount shifting to profit in Q3

Leader & Co sees Discount shifting to profit in Q3