Willi-Food(WILC) - 2024 Q3 - Quarterly Report

Financial Performance - Sales increased by 23.3% to NIS 152.8 million (US$ 41.2 million) from NIS 123.9 million (US$ 33.4 million) in Q3 2023[5] - Gross profit increased by 78.3% year-over-year to NIS 42.0 million (US$ 11.3 million), representing 27.5% of revenues[7] - Operating profit surged by 3,401.4% year-over-year to NIS 17.6 million (US$ 4.7 million) compared to NIS 0.4 million (US$ 0.1 million) in Q3 2023[10] - Net profit rose by 323.0% year-over-year to NIS 20.8 million (US$ 5.6 million), or NIS 1.5 (US$ 0.4) per share[12] - For the first nine months of 2024, sales increased by 7.7% to NIS 435.5 million (US$ 117.4 million) compared to NIS 404.5 million (US$ 109.0 million) in the same period of 2023[14] - Gross profit for the first nine months of 2024 increased by 36.7% to NIS 122.5 million (US$ 33.0 million), or 28.1% of revenues[15] - Operating profit before other expenses for the first nine months of 2024 increased by 251.4% to NIS 50.4 million (US$ 13.6 million)[17] - Profit for the period for the nine months ended September 30, 2024, was NIS 46,151, compared to NIS 20,619 in 2023, marking an increase of about 123.5%[30] - Basic earnings per share for the nine months ended September 30, 2024, were NIS 3.33, up from NIS 1.49 in 2023, representing a growth of approximately 123.5%[30] Cash and Assets - Cash and securities balance stood at NIS 225.7 million (US$ 60.8 million) as of September 30, 2024[12] - Total current assets increased to NIS 516,470 as of September 30, 2024, compared to NIS 470,779 in 2023, reflecting a growth of approximately 9.7%[30] - Cash and cash equivalents at the end of the financial year were NIS 111,262, down from NIS 121,231 at the end of the previous year, a decrease of about 8.1%[32] Liabilities and Expenses - Total current liabilities rose to NIS 63,276 as of September 30, 2024, compared to NIS 31,194 in 2023, indicating an increase of about 102.5%[30] - The depreciation and amortization expense for the nine months ended September 30, 2024, was NIS 5,583 thousand, compared to NIS 5,008 thousand in 2023, reflecting an increase of approximately 11.4%[34] - The income tax paid for the nine months ended September 30, 2024, was NIS 11,171 thousand, slightly higher than NIS 10,817 thousand in 2023[34] Cash Flow - Net cash from continuing operating activities for the nine months ended September 30, 2024, was NIS 16,122, compared to NIS 8,394 in 2023, an increase of approximately 92.5%[32] - For the nine months ended September 30, 2024, the net cash flows used in operating activities amounted to NIS 30,029 thousand, compared to NIS 12,225 thousand for the same period in 2023[34] - The cash generated from operations for the three months ended September 30, 2024, was NIS 10,323 thousand, a decrease from NIS 19,817 thousand in the same period of 2023[34] Financial Income - Financial income, net for the first nine months of 2024 totaled NIS 23.2 million (US$ 6.3 million), compared to NIS 11.6 million (US$ 1.6 million) in the same period of 2023[21] - Total financial income for the nine months ended September 30, 2024, was NIS 23,223, up from NIS 11,592 in 2023, representing an increase of about 100.5%[30] Operational Developments - The company is continuing the construction of a new logistics center, expected to be completed in the second half of 2025, to enhance operational capabilities[4] Market and Inventory - The unrealized losses on marketable securities for the nine months ended September 30, 2024, were NIS 13,058 thousand, significantly higher than NIS 3,297 thousand in the same period of 2023[34] - The decrease in inventories for the nine months ended September 30, 2024, was NIS 35,321 thousand, compared to a decrease of NIS 3,878 thousand in the same period of 2023[34] Trade Payables - The increase in trade payables and other current liabilities for the nine months ended September 30, 2024, was NIS 24,495 thousand, compared to a decrease of NIS 10,935 thousand in the same period of 2023[34] Stock-Based Compensation - The stock-based compensation reserve for the nine months ended September 30, 2024, was NIS 392 thousand, a decrease from NIS 926 thousand in 2023[34] Exchange Gains - The exchange gains on cash and cash equivalents for the nine months ended September 30, 2024, were NIS 1,629 thousand, compared to NIS 633 thousand in the same period of 2023[34] Capital Gains - The capital gain on the disposal of property, plant, and equipment for the nine months ended September 30, 2024, was NIS 143 thousand, compared to NIS 25 thousand in 2023[34]