G. Willi-Food International announced its unaudited financial results for the third quarter ended September 30, 2022.
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Sales for the third quarter of 2022 increased by 16.6% to NIS 123.9 million (US$ 34.9 million) from NIS 106.3 million (US$ 29.9 million) in the third quarter of 2021.
Sales increased mainly due to (i) increasing the range of the Company's products (ii) proper inventory management and (iii) improving the presence of the Company's line of products in stores.
Gross profit for the third quarter of 2022 increased by 15.6% to NIS 34.1 million (US$ 9.6 million), or 27.5% of revenues, compared to NIS 29.5 million (US$ 8.3 million), or 27.7% of revenues in the third quarter of 2021. The increase in gross profit was due to the increase in sales.
Selling expenses increased by 17.2% to NIS 18.7 million (US$ 5.3 million) compared to NIS 15.9 million (US$ 4.5 million) in the third quarter of 2021. The increase was primarily due to an increase in expenses for advertising and promotion.
General and administrative expenses increased by 8.2% to NIS 5.9 million (US$ 1.7 million) compared to NIS 5.4 million (US$ 1.5 million) in the third quarter of 2021 primarily due to an increase in management compensation as a result of grants made under the Company's option plan.
Operating profit for the third quarter of 2022 increased by 16.7% to NIS 9.5 million (US$ 2.7 million) compared to NIS 8.2 million (US$ 2.3 million) in the third quarter of 2021. The increase was primarily due to the increase in sales and gross profit.
Financial income, net totaled NIS 0.04 million (US$ 0.01 million) compared to Financial expense, net of NIS 1.6 million (US$ 0.4 million) in the third quarter of 2021.
Willi-Food's income before taxes for the third quarter of 2022 was NIS 9.6 million (US$ 2.7 million) compared to NIS 6.6 million (US$ 1.9 million) in the third quarter of 2021.
Willi-Food's net profit in the third quarter of 2022 was NIS 7.6 million (US$ 2.1 million), or NIS 0.55 (US$ 0.16) per share, compared to NIS 5.2 million (US$ 1.5 million), or NIS 0.38 (US$ 0.11) per share, in the third quarter of 2021.
Willi-Food ended the third quarter of 2022 with NIS 292.5 million (US$ 82.6 million) in cash and securities. Net cash used in operating activities for the third quarter of 2022 was NIS 12.8 million (US$ 3.6 million). ■
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