Globrands’ revenue dropped 2.5% to 717m

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Globrands
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Reports a decrease of about 2.5% in sales in the third quarter, which amounted to NIS 717 million, compared with NIS 736 million in the corresponding quarter last year. The company’s gross profit decreased accordingly.

The company’s operating profit decreased by 15% to NIS 23.7 million, compared with NIS 27.6 million in the corresponding quarter last year. Thus, the net profit also decreased by 14% to NIS 17.5 million, compared with NIS 20.3 million last year. The company will distribute a dividend of NIS 33 million for the results for the quarter.

Globrands is mainly engaged in the import and marketing of smoking products as well as sweeteners and snacks. The company explains the decrease in revenues and profits through the timing of the Tishrei holidays, which caused damage to the company’s sales. In the second quarter, the company also reported an increase of about 11% in the top tier, which amounted to about NIS 738 million. Operating profit then rose by 13% to about NIS 26.7 million.

The Company’s Board of Directors has decided, as part of the Company’s strategic plan to add synergistic areas of activity, to establish a dedicated arm for the distribution and marketing of Pharma products. In this context, Omri Ofer, who previously served as co-CEO of Chemipal, the company that distributes pharma products, will be appointed CEO of operations. In July, Globrands reported the signing of a non-binding memorandum of principles, for the acquisition of 51% in a company that distributes pharma products without a prescription and other consumer products.

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