Company
Abgul
+0.36%
Base:224.1
opening:224.1
High:230
low:222.8
change:23,006
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Manufactures and markets non-woven fabric products for the hygiene market. The company published its financial statements for the first quarter of 2022.
The company’s revenues grew by about 19% and reached $ 114.7 million compared to NIS 96 million in the corresponding quarter, while improving the gross profit margin to 22.7% of revenues compared to 10.9% in the corresponding quarter. Total gross profit was $ 26 million compared to $ 10.4 million in the same quarter last year.
The increase in revenues is due to the mechanism of updating the company’s prices in accordance with the world raw material price index. The total positive effect of the price update is estimated at about $ 7.5 million compared to a negative effect of $ 11.7 million in the corresponding quarter.
The amount of the company’s products sold, on the other hand, decreased by 10%. The decline was due to disruptions in the supply chain. The company’s plant in Dimona was mainly affected. In addition, there was a decrease in demand in China compared to the corresponding quarter where demand was strong due to dealing with the corona virus. Without the price update, gross profit would have decreased by about $ 3.7 million due to the decrease in sales.
The improvement in profitability also reached operating profit, which jumped from $ 1.3 million in the corresponding quarter to $ 17 million in the current quarter. On the bottom line, the company posted a net profit of $ 12.3 million compared to a minimal profit of $ 150,000 in the corresponding quarter.
Avgol’s share has fallen by about 16% since the beginning of the year to a price that reflects a value of NIS 667 million for the company. The net profit in the fourth quarter gives the company a multiplier of only about 4, but in the sum of the last four quarters the multiplier is about 10. In the previous quarter, the company’s revenues were $ 136.3 million and net income was $ 6.3 million.
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