Business
G. WILLI-FOOD INTERNATIONAL REPORTS THE RESULTS OF SECOND QUARTER 2024
YAVNE, Israel, Aug. 13, 2024 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, Aug. 13, 2024 /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, 2024.\n\nSecond Quarter Fiscal Year 2024\nSales increased by 13.5% to NIS 146.7 million (US$ 39.0 million) from NIS 129.2 million (US$ 34.4 million) in the second quarter of 2023.Gross profit increased by 76.2% year-over-year to NIS 45.9 million (US$ 12.2 million).Operating profit before other expenses (income) increased by 2,080.2% year-over-year to NIS 21.2 million (US$ 5.6 million).Operating profit after other expenses (income) increased by 891.2% year-over-year to NIS 9.6 million (US$ 2.6 million).Net profit increased by 40.6% year-over-year to NIS 6.8 million (US$ 1.8 million).Basic earnings per share of NIS 0.5 (US$ 0.1).Cash and securities balance of NIS 199.6 million (US$ 53.1 million) as of June 30, 2024.Management Comment \nZwi Williger & Joseph Williger, Chairmen & CEO of Willi-Food, commented: \"We are pleased to present the second quarter 2024 financial results which show improvements in all operational parameters compared to the second quarter of 2023. In the second quarter of this year, the Company compensated for the decrease in sales in the first quarter by increasing the inventory and increasing the availability of its products intended for sale. Despite the recently announced administrative fine of NIS 11.6 (see more details on the other expenses summary), the operational profit results still indicate an improvement in the profit parameters. We hope to continue this evolving trend of improvement and growth in the future as well\".\nSecond Quarter Fiscal 2024 Summary\nSales for the second quarter of 2024 increased by 13.5% to NIS 146.7 million (US$ 39.0 million), compared to NIS 129.2 million (US$ 34.4 million) recorded in the second quarter of 2023. We believe that the sales were increased mainly due to increases (i) in the range of the Company's products and (ii) in our inventory levels and its availability for the demand of our products.\nGross profit for the second quarter of 2024 increased by 76.2% to NIS 45.9 million (US$ 12.2 million), or 31.3% of revenues, compared to NIS 26.1 mill...