Record revenues of NIS 80 million, higher than the preliminary results and more than 3 times higher than the revenues of the fourth quarter of 2020 and an increase of 29% compared to the revenues of the third quarter of 2021
New York USA, Toronto Canada and Herzliya Israel – April 4, 2022: Intercourse (NASDAQ: INCR; TSX: INCR: U, TASE: INCR) today reports fourth quarter results and 2021.
Emphasis on the financial results for the fourth quarter of 2021:
Record revenues of NIS 80 million, higher than the preliminary results and more than three times higher than the revenues of the fourth quarter of 2020 and an increase of 29% compared to the revenues of the third quarter of 2021;
Adjusted operating profit in the fourth quarter reached a peak of NIS 21 million (profitability rate of 26%), an increase of 140% compared to the adjusted operating profit in the fourth quarter of 2020 and an increase of close to 50% compared to the adjusted operating profit in the third quarter of 2021.
Eighth consecutive quarter of high and consistent double-digit growth with revenues in the fourth quarter reflecting an annual revenue rate of more than NIS 320 million and a sixth consecutive quarter of positive operating cash flow.
Expanded strategic partnership with international cannabis brand Cookies – first flagship locations in Austria and England;
Addition of 3 pharmacies that bring Intercure’s specialized network to 23 pharmacies located in prime and strategic locations throughout Israel, of which 15 are licensed to issue medical cannabis;
“2021 is another successful year for Intercure in which we have continued to successfully implement our profitable growth strategy, along with strengthening our brand strength, increasing production and distribution values and leading consolidation moves,” he said. Intercourse CEO Alexander Rabinowitz. “We stood at another significant milestone with showing annual growth of 230% in revenue and 250% in adjusted operating profit, along with positive cash flow from operations and a balance sheet of the strongest in the global industry. In addition, we further strengthened our position as the leading medical cannabis company outside North America. 2022, we focus on expanding our international operations including opening up the sales and distribution network in Austria and England, entering the medical cannabis market in Australia and laying the foundations for entry into the US market in the medium term as federal legalization progresses. “Our quality creates business momentum to continue profitable growth in the short and long term and to bring value to our shareholders and balm to the patient community.”
Amos Cohen, Intercure’s CFO“The fourth quarter of 2021 is the eighth consecutive quarter in which Intercure shows high double-digit growth from quarter to quarter and is the sixth consecutive quarter in which the company presents positive cash flow from operating activities. Our business focus and systematic implementation of the 2021 strategic plan puts us “For the continued profitable growth in 2022 and in the coming years. I am proud of the hard work and dedication shown by all the company’s employees and their contribution to the company’s success.”