The results in the corresponding quarter last year were positively affected mainly due to sales of the household products during the coronavirus period.
Brimag revenues for Quarter 1 amounted to NIS 139 million, compared to NIS 135 million last year, the company announced Tuesday.
Gross profit for the quarter was approximately NIS 41 million (29.5% of total revenues) while operating profit for the quarter was approximately NIS 15 million (10.8% of total revenues).
The net profit for the quarter amounted to NIS 9 million and is after a one-time expense of purchasing land for a logistics center.
The results in the corresponding quarter last year were positively affected mainly due to sales of the household products during the coronavirus period.
“We are concluding the first quarter with good results,” said company chairman Shaul Zilberstein. “The commercial systems sector performed well, with domestic products continuing to become more efficient while facing the challenges of the period, such as rising prices by manufacturers and high sea freight costs, as well as an increase in storage expenses this quarter due to the company’s preparations and early Passover preparations.
“We believe that the Metro chain, which we launched in 2021 and currently has about 16 stores, will strengthen Brimag’s affinity for the end consumer and the relationship with manufacturers while expanding the sales channels and strengthening the company’s brands and products. We’re aiming to reach 30 stores nationwide by the end of 2022.
“In addition, as part of our activities to increase our logistical independence, we completed a transaction in early 2022 for the purchase of significant land in Kibbutz Givat Brenner for the establishment of an advanced logistics center for the company long-term.”