2023-11-27 22:01:00
Kalil Industries Shows Strong Performance in Third Quarter of 2023
In a recent report, Kalil Industries, led by CEO Freddy Avokert, revealed impressive financial results for the third quarter of 2023. The company’s gross profit climbed by approximately 18.7% to NIS 21.7 million, compared to NIS 18.3 million in the same quarter last year. Additionally, the operating profit almost doubled to approximately 10.1 million shekels, compared to 5.6 million shekels in the corresponding quarter last year.
Despite a decrease in revenues, the company attributed the improvement in gross and operating profit rates to a decrease in the cost of raw materials and a decrease in sales and marketing expenses. However, for the first nine months of 2023, Kalil Industries experienced a decline in both revenues and gross profit rate. This was mainly due to a decrease in selling prices and the quantity sold, as well as an increase in the cost of raw materials.
The company’s net profit in the third quarter of 2023 also saw a significant increase of approximately 60% to NIS 7.5 million, compared to NIS 4.7 million in the corresponding quarter last year. However, the net profit for the first nine months of 2023 decreased to NIS 15.8 million compared to NIS 29.1 million in the corresponding period last year.
Despite the challenging economic environment, Kalil Industries continues to invest in the future by developing new products, investing in advertising, and supporting employees and authorized installers. The company also highlighted its commitment to its strategic plan, including forming partnerships and expanding its product portfolio.
CEO Freddy Avokert acknowledged the current economic challenges and emphasized the company’s efforts to mitigate potential damage while continuing to innovate and provide unique solutions to its customers. Kalil Industries remains focused on adapting to changing market demands and maintaining a strong financial position.
The company’s chairman, Tzuri Dabush, expressed appreciation for the dedication of the company’s employees, customers, and suppliers, especially during the ongoing conflict in the State of Israel. Dabush also extended his best wishes to all citizens of Israel during these challenging times.
As the company moves forward, it remains committed to its strategic initiatives and aims to navigate the economic uncertainties while continuing to deliver value to its stakeholders.
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