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WILC
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G. WILLI-FOOD INTERNATIONAL REPORTS RECORD HIGH ANNUAL SALES AND NET PROFIT IN 2024

1. WILC reports a record net profit increase of 121.8%. 2. Sales grew by 6.0% to NIS 575.8 million from last year. 3. Gross profit surged by 33.8%, reflecting improved product mix. 4. Operating profit before expenses increased by 228.2% year-over-year. 5. Company optimistic about growth despite recent challenges faced.

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FAQ

Why Very Bullish?

WILC's significant profit increase and sales growth are likely to attract investor interest, mirroring past performance during positive financial reports which led to stock price jumps.

How important is it?

The record profits and strategic growth plans directly align with investor interests, suggesting a strong likelihood of positive price movement.

Why Long Term?

The ongoing expansion into new product categories and a logistics center completion will drive sustained revenue growth, useful for long-term investor confidence.

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TASE: WILF
  THE COMPANY REPORTS RECORD HIGH ANNUAL PROFIT BEFORE TAX OF NIS 92.7 MILLION (US$ 25.4 MILLION) , /PRNewswire/ -- G. Willi-Food International Ltd. (NASDAQ: WILC) (TASE: WILF) (the "Company" or "Willi-Food"), a global company that specializes in the development, marketing and international distribution of kosher foods, today announced its financial results for the fiscal year ended December 31, 2024. Fiscal Year 2024 Highlights Sales increased by 6.0% to NIS 575.8 million (US$ 157.9 million) from NIS 543.3 million (US$ 149.0 million) in fiscal year 2023. Gross profit increased by 33.8% year-over-year to NIS 161.3 million (US$ 44.2 million). Operating profit before other expenses (income) increased by 228.2% year-over-year to NIS 66.3 million (US$ 18.2 million). Operating profit increased by 169.1% year-over-year to NIS 54.9 million (US$ 15.1 million). Net profit increased by 121.8% year-over-year to NIS 70.3 million (US$ 19.3 million). Basic earnings per share of NIS 5.07 (US$ 1.39). Cash and cash equivalents balance of NIS 246.1 million (US$ 67.5 million) as of December 31, 2024. Management Comment Zwi Williger Chairman and Joseph Williger CEO, commented: "We are very pleased to present our fiscal year 2024 financial results with record annual sales and improvements with major operational and financial parameters.  The year 2024 was marked by significant challenges for the company due to the "Iron Sword" war in Israel. These challenges included delays in the arrival of goods caused by shipping restrictions through the Suez Canal and supply disruptions from Turkey. Despite these obstacles, the company successfully imported sufficient inventory and maintained a high level inventory to meet the demand for its products in Israel. Additionally, it focused on a more profitable product mix, expanded its product portfolio, and improved commercial terms with its suppliers and customers to improve its profits". Mr. Zwi Williger and Mr. Joseph Williger continued: "Furthermore, the company has made significant progress in the construction of its new advanced logistics center, which is expected to be completed by the end of 2025. The company is aiming for the new logistics center to serve as a cornerstone and a key growth driver, enhancing its logistical capabilities, such as transportation and storage, while enabling expansion into new product categories, especially frozen and chilled products in which the company has not yet operated". "We remain optimistic about continuing our path of improvement and growth in 2025 and beyond". Fiscal 2024 Summary Sales for fiscal year 2024 increased by 6.0% to NIS 575.8 million (US$ 157.9 million) from NIS 543.3 million (US$ 149.0 million) recorded in fiscal year 2023. The increase in sales was due to increasing inventory levels and improving the availability of its products for sale to its customers. Gross profit for fiscal year 2024 increased by 33.8% to NIS 161.3 million (US$ 44.2 million), or 28.0% of revenues, from NIS 120.6 million (US$ 33.1 million), or 22.2% of revenues, recorded in fiscal year 2023. The increases in gross profit and gross margins were due to the Company's efforts to improve its commercial terms with its customers and suppliers and focusing on selling a more profitable products portfolio. Selling expenses for fiscal year 2024 decreased by 6.7% to NIS 68.9 million (US$ 18.9 million), or 12.0% of revenues, from NIS 73.9 million (US$ 20.3 million), or 13.6% of revenues recorded in fiscal year 2023. The decrease was mainly due to decrease in advertising.  General and administrative expenses for fiscal year 2024 were NIS 26.2 million (US$ 7.2 million), or 4.6% of revenues, remaining at the same level compared to fiscal year 2023, despite the increased sales and profitability. Operating profit before other expenses (income) for fiscal year 2024 increased by 228.2% to NIS 66.3 million (US$ 18.2 million), or 11.5% of revenues, from NIS 20.2 million (US$ 5.5 million), or 3.7% of revenues, recorded in fiscal year 2023. The increase was primarily due to the increase in gross profit. Other expenses for fiscal year 2024 were NIS 11.4 million (US$ 3.1 million), resulted from settlement reached by the Company with the Israel Competition Authority for the payment of administrative fine. For further details, please see Company's report on Form 6-K submitted to the Securities and Exchange Commission on July 17, 2024. Operating profit for fiscal year 2024 increased by 169.1% to NIS 54.9 million (US$ 15.1 million), or 9.5% of revenues, from NIS 20.4 million (US$ 5.6 million), or 3.7% of revenues, recorded in fiscal year 2023. This increase was primarily due to the increase in gross profit and reduction in operating expenses compared to sales offset by the administrative fine of NIS 11.6 million (US$ 3.2 million). Financial income, net for fiscal year 2024 totaled NIS 37.8 million (US$ 10.4 million), compared to NIS 18.8 million (US$ 5.2 million) recorded in fiscal year 2023. Financial income, net for the fiscal year 2024 was comprised mainly from revaluation of the Company's portfolio of securities to in the amount of NIS 25.6 million (US$ 7.0 million) and from interest and dividend income from the Company's portfolio of securities in an amount of NIS 13.7 million (US$ 3.8 million). Income before taxes for fiscal year 2024 was NIS 92.7 million (US$ 25.4 million), compared to NIS 39.2 million (US$ 10.7 million) in fiscal year 2023. Net profit in fiscal year 2024 was NIS 70.3 million (US$ 19.3 million), or NIS 5.07 (US$ 1.39) per share, compared to NIS 31.7 million (US$ 10.7 million), or NIS 2.3 (US$ 0.6) per share, recorded in fiscal year 2023. Willi-Food ended fiscal year 2024 with NIS 246.1 million (US$ 67.5 million) in cash and cash equivalents. Net cash from operating activities in fiscal year 2024 was NIS 43.0 million (US$ 11.8 million). Willi-Food's shareholders' equity at the end of December 2024 was NIS 612.9 million (US$ 168.1 million). NOTE A: NIS to US$ exchange rate used for convenience only The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate of US$ 1.00 to NIS 3.647 as of December 31, 2024. The use of US$ is solely for the convenience of the reader. NOTE B: IFRS The Company's consolidated financial results for fiscal year ended December 31, 2024 are presented in accordance with International Financial Reporting Standards. ABOUT G. WILLI-FOOD INTERNATIONAL LTD. G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, marketing and distribution of over 650 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers and 3,000 selling points in Israel and around the world, including large retail and private supermarket chains, wholesalers and institutional consumers. The Company's operating divisions include Willi-Food in Israel and Euro European Dairies, a wholly owned subsidiary that designs, develops and distributes branded kosher, dairy-food products. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products, expected sales, operating results, and earnings. Forward-looking statements include statements regarding the timing of construction of the Company's new logistics center and its expected benefits. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: the inability to improve commercial terms with customers and suppliers: delays in the construction of the Company's new logistics center and the risk that its expected benefits will not be materialized, monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, delays in arrival of goods from outside Israel due to shipping restrictions or other factors, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in political, economic and military conditions in Israel, particularly the recent war in Israel. Economic conditions in the Company's core markets, delays and price increases due to the attacks on global shipping routes in the Red Sea, our inability to accurately predict consumption of our products and changes in consumer preferences, our inability to protect our intellectual property rights, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims, risks associated with product liability claims and risks associated with the start of credit extension activity. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission on March 11, 2025. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.  G. WILLI‑FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, 2 0 2 4 2 0 2 3 2 0 2 4 2 0 2 3 NIS US dollars (*) (in thousands) ASSETS Current assets Cash and cash equivalents 122,938 137,466 33,709 37,693 Financial assets at fair value through profit or loss 123,189 102,163 33,778 28,013 Trade receivables, Net 171,331 160,379 46,979 43,976 Other receivables and prepaid expenses 7,384 10,164 2,025 2,787 Inventories, Net 98,234 62,475 26,936 17,131 Current tax assets 744 9,497 204 2,604 Total current assets 523,820 482,144 143,631 132,204 Non-current assets Property, plant and equipment 168,217 122,222 46,125 33,513 Less -Accumulated depreciation 58,349 55,636 15,999 15,255 109,868 66,586 30,126 18,258 Right of use asset 4,814 2,124 1,320 582 Financial assets at fair value through profit or loss 47,842 46,143 13,118 12,652 Goodwill 36 36 10 10 Total non-current assets 162,560 114,889 44,574 31,502 686,380 597,033 188,205 163,706 EQUITY AND LIABILITIES Current liabilities Current maturities of lease liabilities 2,179 1,512 597 415 Trade payables 28,203 21,622 7,734 5,929 Employees Benefits 4,532 4,193 1,243 1,150 Other payables and accrued expenses 25,015 10,854 6,859 2,976 Total current liabilities 59,929 38,181 16,433 10,470 Non-current liabilities Lease liabilities 2,521 694 691 190 Deferred taxes 9,888 4,868 2,711 1,335 Retirement benefit obligation 1,102 1,055 302 289 Total non-current liabilities 13,511 6,617 3,704 1,814 Shareholders' equity Share capital 1,491 1,490 409 409 Additional paid in capital 173,062 172,589 47,453 47,323 Remeasurement of the net liability in respect of defined benefit (256) (154) (70) (42) Capital fund 247 247 68 68 Retained earnings 439,024 378,691 120,380 103,836 Treasury shares (628) (628) (172) (172) Equity attributable to owners of the Company 612,940 552,235 168,068 151,422 686,380 597,033 188,205 163,706 (*)        Convenience translation into U.S. dollars.                     G. WILLI‑FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the year ended December 31, For the year ended December 31, 2 0 2 4 2 0 2 3 2 0 2 4 2 0 2 3 NIS US dollars (*) In thousands (except per share and share data) Sales 575,795 543,262 157,882 148,961 Cost of sales 414,461 422,695 113,644 115,902 Gross profit 161,334 120,567 44,238 33,059 Operating costs and expenses: Selling expenses 68,893 74,216 18,890 20,350 General and administrative expenses 26,165 26,110 7,174 7,159 Operating profit before other expenses (income) 66,276 20,241 18,174 5,550 Other expenses (income) 11,402 (109) 3,126 (30) Operating profit 54,874 20,350 15,048 5,580 Financial income 39,741 20,363 10,897 5,583 Financial expense 1,933 1,521 530 417 Total Finance income 37,808 18,842 10,367 5,166 Income before taxes on income 92,682 39,192 25,415 10,746 Taxes on income 22,367 7,536 6,133 2,066 Profit for the period 70,315 31,656 19,282 8,680 Earnings per share: Basic / diluted earnings per share 5.07 2.28 1.39 0.63 Shares used in computation of  basic/diluted EPS 13,874,334 13,867,017 13,874,334 13,867,017 Actual number of shares 13,874,334 13,867,017 13,874,334 13,867,017 (*)        Convenience translation into U.S. dollars. G. WILLI‑FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended For the year ended December 31, December 31, 2 0 2 4 2 0 2 3 2 0 2 4 2 0 2 3 NIS US dollars (*) In thousands CASH FLOWS - OPERATING ACTIVITIES Profit from continuing operations 70,315 31,656 19,282 8,680 Adjustments to reconcile net profit to net cash from continuing operating activities (Appendix A) (27,342) 2,052 (7,497) 563 Net cash from continuing operating activities  42,973 33,708 11,785 9,243 CASH FLOWS - INVESTING ACTIVITIES Acquisition of property plant and equipment (5,414) (4,605) (1,485) (1,263) Acquisition of property plant and equipment under construction (43,332) (18,941) (11,881) (5,193) Proceeds from sale of property plant and Equipment 552 208 151 57 Proceeds from sale of marketable securities, net 2,482 18,166 680 4,981 Net cash used in (from) continuing investing activities (45,712) (5,172) (12,535) (1,418) CASH FLOWS - FINANCING ACTIVITIES Lease liability payments (2,322) (2,408) (637) (660) Dividend (9,982) (39,945) (2,737) (10,953) Net cash used to continuing financing activities (12,304) (42,353) (3,374) (11,613) Decrease in cash and cash equivalents (15,043) (13,817) (4,124) (3,788) Cash and cash equivalents at the beginning of the year 137,466 150,607 37,693 41,296 Exchange gains on cash and cash equivalents 515 676 140 185 Cash and cash equivalents at the end of the year  122,938 137,466 33,709 37,693 (*)           Convenience Translation into U.S. Dollars. G. WILLI-FOOD INTERNATIONAL LTD. APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS CASH FLOWS - OPERATING ACTIVITIES: A.    Adjustments to reconcile net profit to net cash from continuing operating activities: For the year ended For the year ended December 31, December 31, 2 0 2 4 2 0 2 3 2 0 2 4 2 0 2 3 NIS US dollars (*) In thousands Increase in deferred income taxes 5,020 670 1,376 184 Unrealized gains on marketable securities (25,207) (5,597) (6,912) (1,535) Depreciation and amortization 7,302 6,950 2,002 1,906 Shared based payment 473 1,039 130 285 Capital gain on disposal of property plant and equipment (263) (109) (72) (30) Exchange gains on cash and cash equivalents (515) (676) (140) (185) Changes in assets and liabilities: Increase in trade receivables and other receivables 18,047 7,527 4,949 2,064 Decrease (increase) in inventories (35,759) 9,454 (9,805) 2,592 Increase (decrease) in trade payables, other payables and other current liabilities 21,026 (3,547) 5,765 (973) Cash generated from (used in) operations (9,876) 15,711 (2,707) 4,308 Income tax paid (17,466) (13,659) (4,790) (3,745) Net cash flows from (used in) operating activities (27,342) 2,052 (7,497) 563 (*)           Convenience Translation into U.S. Dollars. This information is intended to be reviewed in conjunction with the Company's filings with the Securities and Exchange Commission. Company Contact: G. Willi - Food International Ltd.Yitschak Barabi, Chief Financial Officer(+972) 8-932-1000[email protected] Logo - https://mma.prnewswire.com/media/959267/G_Willi_Food_International_Logo.jpg SOURCE G. Willi-Food International Ltd. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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