The company’s revenues amounted to NIS 226 million; Net income increased by 51% compared to the corresponding quarter last year.
Net income in the third quarter is NIS 13.6 million – an increase of 51% compared to the third quarter in 2020.
The rate of gross profit increased to 15.1%, leading to a 12% increase in gross profit compared to the second quarter, to NIS 34.1 million.
EBITDA in the third quarter amounted to NIS 21.3 million, an increase of 19% compared to the second quarter.
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Sunny Communications has announced that it will distribute an additional dividend in the fourth quarter, amounting to NIS 10 million to shareholders.
Sunny Communications CEO Eli Lavie: “The first three quarters of 21 show the strength and stability of Sonny, which continues to strengthen its profitability, despite the global chip shortage challenge.”
Sunny Cellular Communications from the Lapidot Capital Group, A leading company in the field of mobile phones and accessories made by the South Korean giant Samsung, which provides a comprehensive media solution to its customers in a wide range of sales channels, reports its financial results for the third quarter and first nine months of 2021.
Revenues in the third quarter of 2021 amounted to NIS 226 million, compared with NIS 220 million in the second quarter of 2021, and NIS 274 million in the corresponding quarter last year.
The shortage of chips in the global electronics industry has led to delays in the production and supply of devices from certain product series. Samsung also did not launch a new Note series device in the third quarter of 2021, which led to a decrease in third quarter revenue compared to the previous year.
Gross profit in the third quarter amounted to NIS 34.1 million (approximately 15.1% of total sales), an increase of 12% compared to gross profit in the second quarter of 2021, which amounted to NIS 30.4 million (approximately 13.8% of total revenues), and an increase of 7% Compared with the gross profit in the corresponding quarter last year, which stood at NIS 31.7 million (approximately 11.6% of total revenues). The growth in gross profit is mainly due to an increase in the gross profitability rates that stem from the mix of channels between the retail chain of stores and the distribution chain, and the mix of sales between the devices and accessories.
EBITDA in the third quarter of 2021 amounted to NIS 21.3 million (approximately 9.3% of total revenues), an increase of 19% compared to EBITDA in the second quarter, which amounted to approximately NIS 17.9 million (approximately 8.1% of total revenues), and an increase of 8% compared to EBITDA in the corresponding quarter last year, which amounted to NIS 19.7 million (approximately 7.2% of total revenues). From the beginning of 2021, Sunny’s EBITDA amounted to approximately NIS 61 million (approximately 8.7% of total revenues).
Sonny’s net profit in the third quarter amounted to NIS 13.6 million, compared to a net loss in the second quarter of 2021 of NIS 13.6 million (adjusted net profit, net of the effect of reducing bond discounting expenses as a result of early redemption, amounted to NIS 4.6 million). NIS 9 million) and a net profit of NIS 9 million in the corresponding quarter last year.
Cash flow from the company’s current operations in the third quarter amounted to NIS 46 million.
Sonny’s cash balances at the end of the third quarter amounted to NIS 163 million, compared with cash balances of NIS 134 million at the end of the second quarter.
Sonny’s equity at the end of the third quarter amounted to NIS 263 million, after the company distributed a dividend of NIS 10 million to its shareholders during the quarter.
Lapidot Capital Group is a leading investment company specializing in a wide range of areas in Israel and abroad. In addition to its control of Sunny Communications, which has an exclusive franchise from Samsung International for sale in the open market, Lapidot Group also owns Africa Investments and Africa Residential.
Sunny Communications CEO Eli Lavie: “The first three quarters of 21 show the strength and stability of Sonny, which continues to strengthen its profitability, despite the global chip shortage challenge. The growth trend is particularly noticeable in the company’s gross and net profit. “It will be operational by the end of 2021. Seven branches will be completely renovated and adapted to Samsung’s updated design language and three new branches will open in Ismol Eilat, Gan Shmuel and Big Tiberias.
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