Max Stock reports the results of the third quarter of 2021, according to which revenues in the quarter amounted to NIS 256 million, compared with NIS 262 million in the corresponding quarter last year. According to the company, the decrease in revenues was mainly due to a decrease in activity days in September due to the timing of the Tishrei holidays this year, and as a result there was a decrease of approximately 3% in revenues from identical stores in the quarter.
Gross profit in the third quarter of 2021 amounted to NIS 99 million, compared with NIS 102 million in the corresponding quarter in 2020. The gross profit margin in the quarter was approximately 38.6% of revenues, compared with approximately 38.3% of revenues in the previous quarter and compared to approximately 39.1% of revenues in the corresponding quarter last year. The decrease in the gross profit margin, compared to the corresponding quarter last year, was due to the increase in shipping costs and logistics costs.
Operating profit in the third quarter of 2021 amounted to NIS 34 million, compared with NIS 41 million in the corresponding quarter last year. The operating profit rate for the quarter was approximately 13.3%, compared with approximately 13.5% in the previous quarter and compared with approximately 15.8% in the corresponding quarter in 2020. The decrease in the rate of operating profit, compared to the corresponding quarter last year, was mainly due to an increase in salary and property tax expenses due to the opening of new branches that have not yet reached full maturity and an increase in expenses for share-based payment. Operating profit, excluding share-based compensation, which is a one-time rather than cash flow, in the quarter amounted to NIS 38 million and its share of revenues was approximately 14.8%.
Net income attributable to shareholders in the third quarter of 2021 amounted to NIS 17.1 million, compared with net income to shareholders of NIS 20.7 million in the corresponding quarter in 2020. Net income adjusted to shareholders (excluding one-time effects: share-based payment and issue expenses Last year) amounted to NIS 21 million in the quarter, compared with NIS 26.3 million in the corresponding quarter last year.
Adjusted EBITDA (before the implementation of IFRS 16, share-based payment and issue expenses last year) in the third quarter of 2021, amounted to NIS 36.3 million, compared with NIS 45.8 million in the corresponding quarter last year.