Eli Lavie (Photo by Pazit Assulin)
Sonny Cellular Communications, part of the Lapidot Capital Group, reported this morning (Wednesday) its financial results for the third quarter and the first nine months of 2021. Revenues in the third quarter of 2021 amounted to NIS 226 million, compared to NIS 220 million in the second quarter of 2021, and 274 NIS 1 million in the corresponding quarter last year.
The shortage of chips in the global electronics industry has led to delays in the production and supply of devices from certain product series. Samsung also did not launch a new Note series device in the third quarter of 2021, which led to a decrease in third quarter revenue compared to the previous year.
Gross profit in the third quarter amounted to NIS 34.1 million (approximately 15.1% of total sales), an increase of 12% compared to gross profit in the second quarter of 2021, which amounted to NIS 30.4 million (approximately 13.8% of total revenues), and an increase of 7% Compared with the gross profit in the corresponding quarter last year, which stood at NIS 31.7 million (approximately 11.6% of total revenues). The growth in gross profit is mainly due to an increase in the gross profitability rates that originate in the mix of channels between the retail chain of stores and the distribution chain, and in the mix of sales between the devices and accessories.
Sonny’s net profit in the third quarter amounted to NIS 13.6 million, compared to a net loss in the second quarter of 2021 of NIS 13.6 million (adjusted net profit, net of the effect of reducing bond discounting expenses as a result of early redemption, amounted to NIS 4.6 million). NIS 9 million) and a net profit of NIS 9 million in the corresponding quarter last year.
Cash flow from the company’s current operations in the third quarter amounted to NIS 46 million.
Sonny’s cash balances at the end of the third quarter amounted to NIS 163 million, compared with cash balances of NIS 134 million at the end of the second quarter. Sonny’s equity at the end of the third quarter amounted to NIS 263 million, after the company distributed a dividend of NIS 10 million to its shareholders during the quarter.
Sunny Communications CEO, Eli Lavie, He said: “The first three quarters of 21 show the strength and stability of Sonny, which continues to strengthen its profitability, despite the global chip shortage challenge. The growth trend is particularly noticeable in the company’s gross and net profit. Executed until the end of 2021. Seven branches will be completely renovated and adapted to the updated design language of Samsung Global and three new branches will open in Ismol Eilat, Gan Shmuel and Big Tiberias.
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