Starkist tuna, Oreo cookies and Gillette razor. A month after the previous increase and despite a net profit of NIS 21 million, Diplomat is raising prices again (Photo: Image processing, Assaf Ambram PR, Shutterstock, Mikey Levy)
Earlier this week, Diplomat, one of Israel's largest food importers, published its double-digit reports for the first quarter of 2023. The reports showed a rise in seniority, but also reflected a decline in net profit, to what extent? Well, the import giant – from edible products such as Starkist tuna, mezola oil, Heinz ketchup, Oreo cookies, Milka chocolate and other well-known brands, to toiletries, the most prominent of which is Gillette, earned "only" NIS 21 million in three months.
This is the place to emphasize that this is not gross or operating profit, but net profit, after all expenses, including salary expenses. How much has net profit eroded? At nearly NIS 7 million. It is still NIS 21 million that went into the company's coffers and for which dividends were distributed to shareholders.
However, this was not enough for the importer, and in light of the erosion of profits (again it should be emphasized, not a loss, God forbid), it decided to raise the prices of its prominent import products again.
Want to sweeten the bitter pill of the cost of living? It's a bit difficult - lotus cookies are also getting more expensive (Photo: PR Diplomat Official Importer)
The average increase is about 6%. Products like Starkist tuna, for example, will increase "only" by nearly 4%. Other products will rise at higher rates, such as Lotus
cookies The price increase, by the way, comes just a few weeks after Diplomat raised
the prices of Heinz Oreocchup cookies, Pringles bars, Milka chocolate and more.
The price increases of "new" products whose prices have risen will take effect in a month, from July 1, 2023.
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