Business
G. Willi-Food International Reports A Record High Year With More Than Doubling Of Net Income In Fiscal Year 2019 Compared To Prior Year
Fiscal Year 2019 Results Show A Record High For The Company In Sales, Gross Profit, Operating Profit And Net Income YAVNE, Israel, March 19, 2020 /PRNewswire/
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"Fiscal Year 2019 Results Show A Record High For The Company In Sales, Gross Profit, Operating Profit And Net Income\n\n\nYAVNE, Israel, March 19, 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 financial results for the fiscal year ended December 31, 2019.\n\n \n \n \n \n \n \n\n \nFiscal Year 2019 Highlights\nSales increased by 17.0% from fiscal year 2018 to NIS 395.6 million (US$ 114.5 million). Gross profit increased by 26.1% from fiscal year 2018 to NIS 123.9 million (US$ 35.8 million). Operating profit increased by 25.2% from fiscal year 2018 to NIS 47.3 million (US$ 13.7 million), or 12.0% of sales. Income before taxes (Net income) increased by 98.8% from fiscal year 2018 to NIS 65.2 million (US$ 18.9 million). Income after taxes increased by 106.3% from fiscal year 2018 to NIS 51.5 million (US$ 14.9 million). Cash and securities balance of NIS 263.4 million (US$ 76.2 million) as of December 31, 2019.Willi-Food's operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly-owned Euro European Dairies Ltd. (formerly \"Gold Frost Ltd.\"), a designer, developer and distributor of innovative branded kosher dairy food products.\nManagement Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present fiscal year 2019 results which show our best financial results ever in sales, gross profit, operating profit and net profit. \n\"At the beginning of fiscal year 2020, we appointed a new CEO and other new officers whom we believe will initiate new management systems, routines and procedures. These management changes and new management initiatives allow for organizational stability and provide a solid basis for enhanced growth.\"\nAccording to retail data analytics provided by StoreNext Ltd[1], the Company recorded a higher growth rate in 2019 for \"sale out\" sales (i.e., sales to the final consumer) than any other Israeli food and beverage company growing 30.6% compared to the 2.3% average growth of such companies.\nFiscal 2019 Summary \nRevenues for fiscal year 2019 increased by NIS 57,392 thousand (USD 16,606 thousand), or 17.0%, to NIS 395,637 thousand (...