Business
G. WILLI-FOOD INTERNATIONAL REPORTS 9.7% INCREASE IN SALES AND A RECORD HIGH ANNUAL SALES IN 2022
YAVNE, Israel, March 22, 2023 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a global company
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, March 22, 2023 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the \"Company\" or \"Willi-Food\"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its financial results for the fiscal year ended December 31, 2022.\nFiscal Year 2022 Highlights\nSales increased to NIS 498.3 million (US$ 141.6 million) from NIS 454.2 million (USD 1290. million) in fiscal year 2021.Gross profit increased by 3.4% from fiscal year 2021 to NIS 143.1 million (USD 40.7 million) in 2022.Operating profit decreased by 8.6% from fiscal year 2021 to NIS 45.1 million (USD 12.8 million) in 2022.Cash and cash equivalents balance of NIS 267.4 million (USD 76.0 million) as of December 31, 2022.Earnings per share of NIS 3.00 (US$ 0.86).Management Comment \nJoseph Williger CEO, commented: \"We are very pleased to present our fiscal year 2022 financial results with record sales and strong operational results. Calendar year 2022 was characterized, among other things, by an increase in the rate of interest, an increase in inflation, and as a result an increased public discourse focusing on the increasing cost of living in Israel. Because we import and market high quality substitute food products for the existing strong brands in the Israeli market. we feel an increase in demand for our products and hope that this trend will continue to support our continued growth. In addition, we recently received a construction permit for a new and sophisticated logistics center, through which we plan to significantly upgrade our logistics capabilities, both at the storage and distribution level. We believe this will enable us to enter in to new and profitable categories in the frozen and chilled market and allow us to provide logistics services to other companies in the food sector. The company set itself a growth strategy for the year 2023 that includes supporting our brands through proper advertising, raising the level of inventory and managing it correctly to support sales, developing new products, entering in to new food categories, strengthening existing categories, improving the visibility of products on store shelves and improving logistics capabilities.\nFiscal 2022 Summary \nRevenues for fiscal year 2022 increased by 9.7% to NIS 498.3 million (USD 141...