Business
G. Willi-Food international Reports its financial results for the year 2021
YAVNE, Israel, March 15, 2022 /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 15, 2022 /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, 2021.\nFiscal Year 2021 Highlights\nSales increased to NIS 454.2 million (US$ 146.0 million) from NIS 454.1 million (US$ 146.0 million) in fiscal year 2020. Gross profit decreased by 4.9% from fiscal year 2020 to NIS 138.3 million (US$ 44.5 million). Operating profit decreased by 14.3% from fiscal year 2020 to NIS 49.4 million (US$ 15.9 million). Cash and cash equivalents balance of NIS 349.8 million (US$ 112.5 million) as of December 31, 2021. Earnings per share of NIS 3.25 (US$ 1.05).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are very pleased to present our fiscal year 2021 financial results. As a result of the Covid-19 pandemic and its variants, 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. The Company cannot predict how long this \"shipping crisis\" will last. Despite this difficult environment, the Company managed to maintain the same level of sales and a strong level of gross margin and other operational parameters. In addition, recently armed conflict opened between Ukraine and Russia which are major producers of wheat and oil in the world. if this war continues it will affect the price of wheat and oil and its related products. Despite this difficulties and uncertainty The Company will work hard to fulfill its strategy for the near future, to improve commercial conditions with its suppliers and customers, develop new products, enter into new categories with potentially high gross profit margins, improve the visibility of its products in the stores, strengthen its brand and supply chain and ensure sufficient inventory. We intend to work hard to achieve the goals we have set for the Company.\"\nFiscal 2021 Summary \nRevenues for fiscal year 2021 increased to NIS 454.2 million (USD 146.0 million) from NIS 454.1 million (USD 146.0 million) ...