Tel Aviv, May 27 - Israeli food maker Osem Investments , which is 53.8 percent owned by Swiss food company Nestle , posted a rise in its first-quarter net profit and sales on Wednesday, boosted by recent acquisitions.
Net profit rose to 77.1 million shekels ($19.4 million) or 0.70 shekels a share from 70.9 million shekels or 0.64 shekels a share in the same period last year.
Osem attributed the rise to deeper penetration of Nestle products, an expansion into the chilled food market and acquisitions.
Sales rose 8.6 percent to 847.1 million shekels.
Sales abroad surged by 51 percent to 170.2 million shekels, boosted by acquisitions and an expansion in activity in Europe by its subsidiary Tivall, a maker of vegetarian and meat substitute products.
In January Tivall bought U.S.-based Foodtech International, also a maker of vegetarian food, having already bought in September a U.S.-based maker of chilled salads, Tribe Mediterranean Foods Co. ($1=3.97 shekels)