Business
G. Willi-Food International Reports a Record High Year With Sales, and All Profit Parameters
FISCAL YEAR 2020 RESULTS SHOW HIGHEST EVER YEAR FOR THE COMPANY IN SALES, GROSS PROFIT, OPERATING PROFIT, PROFIT BEFORE TAX AND NET PROFIT YAVNE, Israel,
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"FISCAL YEAR 2020 RESULTS SHOW HIGHEST EVER YEAR FOR THE COMPANY IN SALES, GROSS PROFIT, OPERATING PROFIT, PROFIT BEFORE TAX AND NET PROFIT\n\n\nYAVNE, Israel, March 25, 2021 /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, 2020.\nFiscal Year 2020 Highlights\nSales increased by 14.8% from fiscal year 2019 to NIS 454.1 million (US$ 141.2 million). Gross profit increased by 17.4% from fiscal year 2019 to NIS 145.4 million (US$ 45.2 million), or 32% of sales. Operating profit increased by 21.7% from fiscal year 2019 to NIS 57.6 million (US$ 17.9 million). Profit before tax increased by 3.7% from fiscal year 2019 to NIS 67.7 million (US$ 21.1 million). Cash and securities balance of NIS 356.5 million (US$ 110.9 million) as of December 31, 2020.Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are very pleased to present our fiscal year 2020 financial results which show our highest ever sales, gross profit, operating profit, profit before tax and net profit. Since almost the beginning of fiscal year 2020, the Company has been operating in the COVID-19 pandemic environment, which has led to changes in consumption habits of consumers in parallel with various restrictions imposed on the public. Despite this difficult environment, the Company managed to deliver a record performance with sales and all profit parameters. We believe this performance was driven in part by following our strategy of developing new and profitable products, entering into new categories, improving our visibility in the stores and strengthening our supply chain. We intend to continue to work hard to achieve the goals we have set for the Company over the next few years, and we believe that with our excellent management team we will meet those objectives.\"\nAccording to retail data analytics provided by StoreNext Ltd[1], the Company recorded a higher growth rate in 2020 for \"sale out\" sales (i.e., sales to the final consumer) than any other Israeli food and beverage company, growing 25.9% compared to the 9.3% average growth of such companies.\nFiscal 2020 Summary \nReve...