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Decrease in Rami Levy in net profit: "We did well with the customers"
The chain published its reports for the third quarter, and showed a decrease in operating and net profit: "We transferred part of the profit for the benefit of the customer"
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Monday, 29 November 2021, 17:15 Updated: 17:19
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The Rami Levy Shikma Marketing chain of food stores reported this morning its financial results for the first nine months of the year, which show growth in the volume of activity, an increase in operating profitability not at the consumer's expense but through improved trade conditions, logistics center efficiency and private label contribution. And shows an increase in profits.
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Rami Levy (Photo: Yotam Ronen)
Third quarter results
The revenues of the Rami Levy Sycamore Marketing chain in the third quarter of 2021 amounted to NIS 1.62 billion, compared with NIS 1.66 billion in the corresponding quarter last year.
The decrease in revenues was mainly due to a decrease in the revenue of identical stores at a rate of about 7.05% due to a decrease in working days in September this year due to the timing of Tishrei holidays and the deepening of consumer offers during Tishrei holidays.
Gross profit in the third quarter of 2021 amounted to NIS 370 million, compared with NIS 376 million in the corresponding quarter last year.
The change in gross profit was due to the aforesaid decrease in revenue.
The gross profit margin in the third quarter of the year rose to 22.79%, compared to 22.62% in the corresponding quarter last year, and was positively affected by the improvement in trading conditions, further logistical efficiencies in Modiin's company margin, private label and subsidiaries' profitability. To do good with the consumer, which has reduced the gross profitability of the parent company's writers' activities.
Rami Levy's operating profit in the third quarter of 2021 amounted to NIS 68 million (4.19% of revenues), compared with NIS 77 million (4.63% of revenues) in the corresponding quarter last year.
The net profit of the Rami Levy Sycamore Marketing chain in the third quarter of 2021 amounted to NIS 42 million, compared with NIS 48 million in the corresponding quarter last year.
The decrease in net profit was due, as stated, mainly to the decrease in revenues as a result of a shortage of working days in September this year due to the timing of the Tishrei holidays and the deepening of colors on the Tishrei holidays in order to benefit customers.
EBITDA in the third quarter of 2021 amounted to NIS 133 million (approximately 8.2% of revenues), compared with approximately NIS 138 million (approximately 8.3% of revenues) in the corresponding quarter last year.
The first nine months of 2021 - Summary
Revenues in the first nine months of 2021 amounted to NIS 4.82 billion, compared with NIS 4.81 billion in the corresponding period last year. The revenue item was affected by the opening of new branches and an increase in the volume of activity of the subsidiaries - Good Pharm, Kopix and the cellular activity. On the other hand, these effects moderated in part with the decrease in identical store revenue of about 3.24%, which was due, among other things, to a decrease in working days in the third quarter of the year due to the timing of Tishrei holidays.
Gross profit in the first nine months of 2021 increased by 4% to NIS 1.12 billion, compared with NIS 1.07 billion in the corresponding period last year.
The increase in gross profit was mainly due to further logistical efficiencies in Marlog, improved trading conditions, the private label and the connection of improvement in subsidiaries' profits. The company.
Rami Levy's operating profit in the first nine months of 2021 increased by 19% to NIS 228 million, compared with NIS 192 million in the corresponding period last year. The operating profit rate increased to 4.72%, compared to 3.99% in the corresponding period last year. As a result of the aforesaid increase in gross profit and savings in maintenance expenses as a result of improving and streamlining processes within the company, which were partially offset with the increase in employee salary expenses.
Bottom line, the growth in revenue and the improvement in profitability led the Rami Levy Sycamore Marketing chain to show a 33% increase in net profit in the first nine months of 2021 to NIS 150 million, compared to NIS 113 million in the corresponding period last year.
EBITDA in the first nine months of 2021 increased by approximately 12% to NIS 417 million (approximately 8.6% of revenues), compared with approximately NIS 372 million (approximately 7.7% of revenues) in the corresponding period last year.
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