Business
G. Willi-Food International Reports the Results of First Quarter 2021 Which Show One of the Highest Ever Quarterly Net Profit
YAVNE, Israel, May 12, 2021 /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company that specializes
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"YAVNE, Israel, May 12, 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 first quarter ended March 31, 2021.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal Year 2021\nSales decreased by 9.6% year-over-year to NIS 116.7 million (US$ 35.0 million). Gross profit decreased by 12.7% year-over-year to NIS 36.2 million (US$ 10.9 million). Operating profit decreased by 20.9% year-over-year to NIS 15.0 million (US$ 4.5 million). Total financial income increased by 166.1% year-over-year to NIS 11.5 million (US$ 3.5 million). Income before taxes increased by 1,566.8% year-over-year to NIS 26.6 million (US$ 8.0 million). Net profit increased by 1,634.2% year-over-year to NIS 20.5 million (US$ 6.1 million). Cash and securities balance of NIS 371.3 million (US$ 111.4 million) as of March 31, 2020. Basic earnings per share of NIS 1.48 (US$ 0.03) and diluted earning per share of 1.41 (US$ 0.42).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present strong first quarter 2021 financial results with one of the highest ever quarterly net profit, which resulted from strong operating profit and increases in our investment portfolio. Except for results of the first quarter of 2020, which experienced exceptional sales associated with the start of the COVID-19 pandemic, the Company experienced its highest quarterly sales ever, and showed stable growth in sales. The strategy of the Company for the near future is to develop new products and enter new food categories, combined with improving our visibility in the retail stores and strengthening our supply chain. We believe that with our excellent management team and hard work, we will meet the goals that we have set for the Company, and keep improving the Company's results.\"\nFirst Quarter Fiscal 2021 Summary\nSales for the first quarter of 2021 decreased by 9.6% to NIS 116.7 million (US$ 35.0 million) from NIS 129.1 million (US$ 38.7 million) recorded in the first quarter of 2020. Sales decreased mainly due to the exceptional increase in demand for the Company's products that occurred in the first quarter of 2020 associat...