Engine group
Beit Shemesh
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Controlled by the Phimie Fund (about 23%), which manufactures and engineered parts for jet engines, was hit hard by the corona crisis and declining demand in the industry, the company is back to rise in revenue, but so far it is not down to operating profit and net profit.
The group reports sales in the fourth quarter of 2021 which amounted to approximately $ 38.7 million, compared to approximately $ 31.7 million in the corresponding quarter last year, an increase of 22%. According to the company, the increase in sales was due to an increase in sales in the jet engine parts sector and originated at the beginning of the industry’s recovery from the corona crisis.
But the numbers meanwhile do not seep further, as the cost of sales has risen more. Gross profit fell to $ 3.5 million compared to about $ 4.2 million in the same quarter last year. EBITDA in the fourth quarter decreased to $ 3.9 million, compared to about $ 4.2 million, in the corresponding quarter last year.
Operating profit for the quarter also fell to $ 1.7 million, compared to about $ 2 million in the corresponding quarter. Net income was $ 200,000 compared to $ 100,000 in the same quarter last year.
Ram Drori, CEO of Beit Shemesh Engines, said: “The implications of the Corona epidemic on the Group’s activity were reflected in the results of operations for 2021, but fortunately we see buds of an initial recovery of the industry which are already reflected in the fourth quarter with an increasing trend in sales volume
Results for the whole year
In 2021 as a whole, the Group’s total sales decreased to approximately 131.6 million d compared to $ 140.4 million in 2020, the gross profit in 2021 amounted to approximately $ 8.8 million, compared to approximately $ 19.5 million in 2020. Operating profit in 2021 amounted to about $ 0.8 million, compared to operating profit of about $ 10.3 million, in 2020. In 2021 he registered Net loss Which amounted to about $ 2.3 million, compared to a net profit of about $ 4.6 million in 2020.
EBITDA in 2021 amounted to about $ 10.6 million compared to about $ 18.4 million last year. The group’s shareholders’ equity remained stable and amounted to approximately $ 131.8 million, compared with approximately $ 132 million in 2020. Cash flow from operating activities in 2021 amounted to about $ 12.9 million, compared to a cash flow of about $ 3.5 million in 2020. The group has a net financial debt which at the end of 2021 amounted to $ 81 million, compared to $ 85 million in 2020.
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