Globrands presents a quarterly report: This is the dividend that will be distributed in light of the profits

by time news

Gadi Netzer and Amir Alon (photo from the company website Globrands)

Globrands, an importer and distributor of international tobacco and smoking brands, in the field of confectionery and snacks.

The company’s revenues less purchase tax recorded an increase of 0.9% and amounted to NIS 133.5 million, compared with similar revenues of NIS 132.3 million in the corresponding quarter in 2021.

Net revenues from the sale of smoking products amounted to NIS 113.1 million, a decrease of 3% compared to the first quarter of 2021. The decrease is due to a decrease of about 1% in sales of smoking products along with an increase in purchase tax of 2.4%, at the beginning of the current year .

Net income from the sale of sweets and snacks recorded a significant increase of about 30% and amounted to about NIS 20.4 million. According to the company’s management, the increase in sales is due both to the third closure that occurred during January 2021 and to the timing of Passover this year compared to last year.

More in-

The total net income of the confectionery and snacks division out of the total net income of the company recorded an increase from 12% in the first quarter last year to 15% in the first quarter of 2022.

Gross profit in the first quarter of this year amounted to NIS 42.7 million, compared with NIS 45.5 million in the corresponding quarter in 2021. The decrease in gross profit is due to the increase in the purchase tax on smoking products in early 2022, an increase that did not lead to price increases of the products themselves, along with the continued effect of an agreement with one of the company’s suppliers.

At the time of publication of the reports, the company’s board of directors approved a distribution of NIS 30 million as a dividend to shareholders. The company’s CEO Gadi Netzer: We started investing in activities for the distribution and marketing of over-the-counter pharma products and other products, activities that we strongly believe in as part of the group’s development. We are proud to be selected for the list of the 100 best companies to work for (according to BDi survey data for 2022), and this is a good opportunity to thank the company’s employees for their hard work and commitment in recent times, and in general. ”

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