The importer Diplomat published today (Tuesday) the financial results for the third quarter, from which it appears that the group's net profit jumped by about 22% and amounted to about 26.6 million shekels, compared to about 21.8 million shekels in the corresponding quarter last year.
The reports also show that the company is working to complete the price increases it announced last month and warns that it will raise prices once more, following the increase in the prices of its suppliers.
"To the best of the company's knowledge, some of its suppliers intend to continue raising prices next year - and the company will be forced to pass these increases on to its customers, otherwise - this will have a material impact on its financial results," the quarterly reports state.
However, the company did not specify which products will become more expensive.
Diplomat company products.
The company did not specify which products would become more expensive.
, Photo: GettyImages, Yehoshua Yosef
Diplomat imports to Israel products of dozens of popular brands such as: Heinz, Tuna Star-Kist, Tide, Gillette, Head and Shoulders, Milka, Oreo and more.
The reports also show that the revenues in the third quarter of 2022 jumped by about 11% and amounted to about 758 million shekels compared to about 678 million shekels in the corresponding quarter last year.
The growth in revenues is attributed to most of the countries where the company operates.
Revenues in Israel in the last quarter amounted to approximately NIS 453 million compared to approximately NIS 389 million in the corresponding quarter last year.
The increase in revenues resulted from both organic growth in sales of the company's brands and from a merger launched in the second quarter with Meditrend, which specializes in the import and marketing of non-prescription pharmaceutical products, functional food, food supplements and pre-medical products.
Diplomat warehouses.
Revenues in Israel in the last quarter amounted to approximately NIS 453 million, photo: Yossi Zeliger
Also, the revenues from the company's operations in South Africa, Georgia, New Zealand and Cyprus, during the last quarter, amounted to approximately NIS 305 million, compared to approximately NIS 288 million in the corresponding quarter last year.
Neutralizing the effect of negative translation differences, a higher growth in revenues was recorded, at a rate of about 10%.
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