Business
G. Willi-Food international Reports the Results of Third Quarter 2020 Which Show the Highest Ever Quarterly Income Before Tax on Income and Net Profit (Increase by 114.3% and 112.2% Year Over Year)
Sales up 17.4% and operating profit up 11.8% in third quarter 2020 compared to same period 2019 YAVNE, Israel, Nov. 10, 2020 /PRNewswire/ -- G. Willi-Food
About this update from G. Willi-food International, Ltd.
[{"type":"text","content":"Sales up 17.4% and operating profit up 11.8% in third quarter 2020 compared to same period 2019\n\n\nYAVNE, Israel, Nov. 10, 2020 /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 unaudited financial results for the third quarter ended September 30, 2020.\n\n \n \n \n \n \n \n\n \nThird Quarter Fiscal Year 2020 Highlights\nSales increased by 17.4% year-over-year to NIS 111.9 million (US$ 32.5 million). Gross profit increased by 14.1% year-over-year to NIS 34.0 million (US$ 9.9 million). Operating profit of NIS 14.0 million (US$ 4.1 million), or 12.5% of sales, which represents a 11.8% increase from NIS 12.6 million (US$ 3.6 million) in the comparable quarter of 2019. Net profit increased by 112.2% year-over-year to NIS 21.9 million (US$ 6.4 million), or 19.6% of sales. Net cash from operating activities of NIS 28.2 million (US$ 8.2 million). Cash and securities balance of NIS 364.6 million (US$ 106.0 million) as of September 30, 2020. Earnings per share of NIS 1.63 (US$ 0.47).Management Comment \nZwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: \"We are pleased to present very strong third quarter 2020 financial results, which show stable growth in Company sales and a significant improvement in all operational profit parameters. We also very pleased that in the third quarter the Company recorded significant gains in part from revaluating its portfolio of securities to its fair value which led to finance income, net of NIS 14.5 million. In part because of this, the Company recorded its highest profit before taxes on income and net profit ever this quarter. The Company's strategy in the near future is to develop new products, enter new categories with the potential for high gross profit, improve the visibility of its products in the stores, and strengthen its brands and supply chain. Our strong performance in the third quarter was driven by our pursuit of this goals. We believe that with our current management team the Company will remain focused on achieving the goals it has set for itself and continue improving its results in the future.\" \nAccording to retail data analytics provided by StoreNext Ltd[1], the Compan...