Business
G. Willi-Food International Reports 71.3% increase in operating profit, 41.0% increase in profit before taxes on income and 34.1% increase in net profit in second quarter 2020 compared to same period 2019
YAVNE, Israel, Aug. 3, 2020 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, Aug. 3, 2020 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the \"Company\" or \"Willi-Food\"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its unaudited financial results for the second quarter ended June 30, 2020.\nSecond Quarter Fiscal Year 2020 Highlights\nSales increased by 4% year-over-year to NIS 104.2 million (US$ 30.1 million). Gross profit increased by 32.4% year-over-year to NIS 39.5 million (US$ 11.4 million). Operating profit of NIS 16.9 million (US$ 4.9 million), or 16.2% of sales, which represents a 71.3% increase from NIS 9.9 million (US$ 2.9 million) in the comparable quarter of 2019. Net profit increased by 34.1% year-over-year to NIS 15.2 million (US$ 4.4 million), or 14.6% of sales. Net cash from operating activities of NIS 23.8 million (US$ 6.9 million). Cash and securities balance of NIS 282.2 million (US$ 81.4 million) as of June 30, 2020. Earnings per share of NIS 1.15 (US$ 0.33).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present strong second quarter 2020 financial results, which show stable growth in Company sales and a significant improvement with all operational profit parameters. Since COVID-19 surfaced in China at the end of 2019 and reached many other countries worldwide, including Israel, there has been a substantial increase in demand for the Company's products. This demand was especially strong in the first quarter of 2020, which led to a general decline in consumption in the second quarter of 2020. Despite this decline, the Company managed to deliver a great performance with higher sales in the second quarter compared to the second quarter in 2019. In parallel with this development, the Company added new and profitable products to its product portfolio to generate higher gross profit margin. As a result, the Company reported a 71.3% increase in operating profit, 41% increase in profit before taxes on income and 34.1% increase in net profit in the second quarter of 2020 compared to the second quarter of 2019. We intend to maintain sufficient inventory levels and work to further strengthen the Company's supply chain and product portfolio in the future in order to continue to improve our results.\" \nAccording to re...