Israeli kosher food distributor G. Willi-Food booked a jump in earnings for 2013, with net profit increasing by one-third.
The company said net earnings in the year to the end of December rose 32.5%, climbing to NIS31.8m (US$9.2m) in the period. Operating income increased 24.5% from fiscal 2012 to NIS 29.2m. Margins were boosted by a “favourable mix of product”, G. Willi-Food said.
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Sales gained 17.3% year-on-year, rising to NIS336m. The company said higher revenues were driven by increased marketing efforts and “growing demand” for kosher products from domestic and international customers. “In addition, we continued to benefit from a shift in behaviour in Israel as cost-conscious consumers recognize our products as a viable alternative to higher cost leading brands,” the group added.
Looking to the coming year, chairman Zwi Williger said he was “confident” of continuing growth trends. “We see consumer demand for kosher foods continuing to increase, we are confident that our focused marketing strategy and the introduction of higher-margin products targeted to health-conscious and kosher consumers will continue to support our growth in 2014.”
Earlier this month, Zwi Williger and his brother Joseph announced they had decided to sell their controlling stake in the vehicle that controls the G. Willi-Food to local tech firm Emblaze.
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By GlobalData
