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Increased Activity in Europe and the US Leads to a 41% Incease in Net Profit

 

Summary from The Marker,

Yuval Maoz

 

Increases in the European and American activities of Scope Metals Group, which is controlled by the Shiloh family and by the FIMI Fund, led to sales growth of 18% - and an increase in net profit. Net profit was NIS 21.4 million as compared to NIS 15.2 million in same quarter last year.

 

Revenue was NIS 367.7 million as compared to NIS 310.7 for the same quarter last year, an increase of 18%.

 

Year-to-date export sales and sales of foreign subsidiaries were NIS 249 million, about 35% of total year-to-date sales, as compared to NIS 209 million for the same period last year.

 

Gross profit grew by 7.8% to NIS 100 million. Operational profit fell by 8.3% to NIS 44.5 million, due to a 24.6 increase in marketing and sales expenses and a NIS 3.4 million increase in general and administrative expenses, as compared to the previous quarter. The company showed a decrease in financial expenses – NIS 16.5 million as compared to NIS 23.8 million the previous quarter.