The Diplomat company hinted today (Tuesday) in its reports for the third quarter of 2022 that it is expected to continue raising prices. “To the best of the company’s knowledge, some of its suppliers intend to continue raising prices next year – and the company will be forced to pass on these increases to its customers. If not – this will have a material impact on its financial results,” the report submitted to the stock exchange states.
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The reports also show that the group’s net profit increased in the quarter by about 21% and amounted to NIS 26 million, compared to NIS 21.9 million in the corresponding period last year. Revenues in the quarter amounted to approximately NIS 758 million – an increase of 13.5% compared to the corresponding quarter last year. In Israel, the company’s sales turnover in the third quarter increased by 16.3% and amounted to NIS 452 million, and the gross profit increased by 16.7%, but the percentage of gross profit from the turnover in Israel remained unchanged.
Diplomat is the largest distribution company in Israel. The basket of products that the company markets, sells and distributes includes more than two thousand products. The brands imported by the company include, among others, the Pringles snack, Starkist tuna, Heinz sauces, Oreo and Milka products, Procter & Gamble products, Gillette razors, and more. In addition to the Israeli market, it operates in the import market in Georgia, South Africa, New Zealand and Cyprus.