G Willi-Food International (WILC) Q2 2024 earnings summary

Executive summary

• Sales for Q2 2024 rose 13.5% year-over-year to NIS 146.7 million (US$39.0 million), driven by expanded product range and higher inventory availability.

• Gross profit surged 76.2% year-over-year to NIS 45.9 million (US$12.2 million), with gross margin improving to 31.3% from 20.2%.

• Operating profit before other expenses jumped 2,080.2% year-over-year to NIS 21.2 million (US$5.6 million); after other expenses, operating profit rose 891.2% to NIS 9.6 million (US$2.6 million).

• Net profit for Q2 2024 increased 40.6% year-over-year to NIS 6.8 million (US$1.8 million), with basic EPS of NIS 0.5 (US$0.1).

• Cash and securities balance stood at NIS 199.6 million (US$53.1 million) as of June 30, 2024.

Financial highlights

• First half 2024 sales grew 0.7% year-over-year to NIS 282.7 million (US$75.2 million).

• Gross profit for H1 2024 increased 21.9% to NIS 80.6 million (US$21.4 million), with gross margin at 28.5%.

• Operating profit before other expenses for H1 2024 rose 135.0% to NIS 32.8 million (US$8.7 million); after other expenses, operating profit increased 52.0% to NIS 21.3 million (US$5.7 million).

• Net profit for H1 2024 was NIS 25.4 million (US$6.8 million), up 61.6% year-over-year, with basic EPS of NIS 1.8 (US$0.5).

• Financial income, net for H1 2024 totaled NIS 14.1 million (US$3.8 million), mainly from interest, dividends, and securities revaluation.

Segment performance

• Sales growth in Q2 2024 attributed to broader product range and increased inventory levels.

• Selling and general/admin expenses remained stable in Q2 2024 compared to prior year.

• H1 2024 saw a decrease in selling expenses by 9.4% and general/admin expenses by 5.5% year-over-year.