Business
G. Willi-Food International Reports 9.8% Increase in Sales, and 9.0% Increase in Net Profit in Second Quarter 2021 Compared to Same Period 2020
NET PROFIT UP 126.1% IN FIRST HALF 2021 COMPARED TO SAME PERIOD 2020 YAVNE, Israel, Aug. 16, 2021 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ:
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"NET PROFIT UP 126.1% IN FIRST HALF 2021 COMPARED TO SAME PERIOD 2020\n\n\nYAVNE, Israel, Aug. 16, 2021 /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, 2021.\nSecond Quarter Fiscal Year 2021 Highlights\nSales increased by 9.8% year-over-year to NIS 114.3 million (US$ 35.1 million). Gross profit decreased by 6.5% year-over-year to NIS 36.9 million (US$ 11.3 million). Operating profit decreased by 18.8% year-over-year to NIS 13.7 million (US$ 4.2 million). Total financial income increased by 129.0% year-over-year to NIS 7.6 million (US$ 2.3 million). Income before taxes increased by 5.6% year-over-year to NIS 21.4 million (US$ 6.6 million). Net profit increased by 9.0% year-over-year to NIS 16.6 million (US$ 5.1 million), or 14.5% of sales. Cash and securities balance of NIS 403.0 million (US$ 123.6 million) as of June 30, 2021. Earnings per share of NIS 1.2 (US$ 0.37).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present strong second quarter 2021 financial results, which show stable growth in the Company's sales and an increase in net profit compared to the same period in 2020. As a result of the Covid-19 pandemic, the world is still experiencing a crisis that is reflecting among other things, in disruptions to international commercial shipping, which has led to an increase in the demand for containers and a significant increase in sea freight and commodity prices. \n\"Despite the challenging environment, the Company has succeeded to maintain a high level of sales and operational parametres for the second quarter of 2021. The Company's strategy for the near future is to develop new products, enter into new categories with potential of high gross profit margins, improve the visibility of its products in the stores and strengthen its brand, supply chain and sufficient inventory. We believe that our strong performance in the second quarter was driven from our pursuit of these goals. We intend to continue to work to further strengthen the Company's supply chain and product portfolio and maintain sufficient inventory levels ...