Beitan Wines chain is expected to generate revenues of NIS 3.9 billion and a profit of NIS 175 million in 2024

Electra's food retail activity continues to show weak results relative to the industry average, but Electra, which owns 35% of its shares, estimates that the company is in the process of improvement and is even ready to give an aggressive forecast for the near future.
The food sector based on the Beitan Wines chain is expected to generate revenues of NIS 3.9 billion and segmental operating profit (Ebitda) of NIS 175 million in 2024, after the conversion of 50 stores in Carrefour stores nationwide is completed in the first half of 2023, and after the renovation and conversion of 12 stores from the chain is completed Beitan wines for the temporary Super brand, when by the end of 2022 eight more stores will be converted.
This optimistic forecast sent Electra's shares to a jump of 9.5% in a turnover of NIS 24 million, which was the fifth largest on the stock exchange. The optimism of the managers of Electra Consumer, CEO Zvika Schwimmer and CEO of Carrefour Israel Uri Kilstein is based on the results of the conversion of 12 stores with an estimated investment of NIS 30 million. According to estimates, the investment in changing the visibility of these old stores resulted in a 30% jump in revenue. The increase in revenue in these stores helped Electra's food sector move to a positive cash flow operating profit (Ebitda) in the third quarter of 2022 compared to a cash flow operating loss of NIS 2-3 million in the first half of 2022.