G. Willi-Food announced its financial results for the fiscal year ended December 31, 2022.
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Revenues for fiscal year 2022 increased by 9.7% to NIS 498.3 million (USD 141.6 million) from NIS 454.2 million (USD 129.0 million) recorded in fiscal year 2021. Sales increased mainly due to (i) increasing the range of the Company's products (ii) proper inventory management (iii) improving presence of the Company's line of products in stores and (iv) advertising and promotional campaigns.
Gross profit for fiscal year 2022 increased by 3.4% to NIS 143.1 million (USD 40.7 million), or 28.7% of revenues, from NIS 138.3 million (USD 39.3 million), or 30.4% of revenues, recorded in fiscal year 2021.
The increase in gross profit was mainly due to increased sales that offset the increased costs of the Company's imported products.
Selling expenses for fiscal year 2022 increased by 12.5% to NIS 74.1 million (USD 21.0 million), or 14.9% of revenues, from NIS 65.9 million (USD 18.7 million), or 14.5% of revenues, recorded in fiscal year 2021. The increase in selling expenses was mainly due to a growth in advertising and sales promotion.
General and administrative expenses for fiscal year 2022 increased by 3.5% to NIS 24.1 million (USD 6.8 million), or 4.8% of revenues, from NIS 23.3 million (USD 6.6 million), or 5.1% of revenues, recorded in fiscal year 2021. The increase in general and administrative expenses was primarily due to an increase in management compensation as a result of grants made under the Company's option plan.
Operating profit for fiscal year 2022 decreased by NIS 4.3 million (USD 1.2 million), to NIS 45.1 million (USD 12.8 million), or 9.0% of revenues, from NIS 49.4 million (USD 14.0 million), or 10.9% of revenues, recorded in fiscal year 2021. The decrease in operating profit was primarily due to an increase in selling expenses.
Financial income, net, for fiscal year 2022 amounted to NIS 8.9 million (USD 2.5 million), compared to NIS 8.5million (USD 2.4 million) recorded in fiscal year 2021.
Financial income, net for fiscal year 2022 comprised mainly of income from interest and dividend income from the Company's portfolio of securities in an amount of NIS 9.0 million (USD 2.6 million) and exchange rate differences in an amount of NIS 4.4 million (USD 1.3 million), offset by expenses from revaluation of the Company's portfolio of securities to fair value in an amount of NIS 3.8 million (USD 1.1 million) and other finance expenses in an amount of NIS 0.7 million (USD 0.2 million).
Willi-Food ended fiscal year 2022 with NIS 267.4 million (USD 76.0 million) in cash and cash equivalents with no debt.
Net cash from operating activities in fiscal year 2022 was NIS 14.3 million (USD 4.1 million).
Willi-Food's shareholders' equity at the end of December 2022 was NIS 559.4 million (USD 158.9 million). ■