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SCOPE Hits the Hot Iron

 

Summary from Globes,
Avi Shauli

 

The sales of Scope Metals Group, which is controlled by the Shiloh family and by the FIMI Fund, grew by 18% this quarter as compared to the same quarter last year, to NIS 367.7 million.

Against a background of increases in the prices of products, gross profit grew by 7.8% to NIS 100 million; however operational profit fell by 8.3% to NIS 44.5 million, due to increases in operating expenditures.

Net profit increased by 41% to NIS 21.4 million.

 

Shmuel Shiloh, Chairman and CEO of the company said: "We completed a record quarter in terms of sales with substantial improvement across the board as compared to the previous quarter.  We see the fruits of our efforts to increase profitability despite the negative impact of the increase in the valuation of the shekel."