Rami Levy reports: sales grew by 4.7% in the quarter to NIS 1.54 billion - Dividend ill be paid of NIS 36 million

Rami Levy reports in the third quarter of the year: the increase in sales recorded by the group in its various sectors did not help the net profit which was cut in the period by 43.8% to NIS 23.7 million. This is mainly as a result of the erosion of operating profitability and a 118% jump in financing expenses following a decrease in the value of securities. With the publication of the reports, the company announced a dividend of NIS 36 million.
The food chain's sales grew by 4.7% in the quarter to NIS 1.54 billion. This follows the opening of new stores as well as a 3.3% increase in same store sales.
Sales of Good Pharm, Kofix, the customer club and the communication arm grew in the quarter by 50% to NIS 216.6 million, but the wholesale sales of Good Pharm fell by 20.7% compared to the corresponding quarter last year.
While the group's sales grew by 7.8%, the group's gross profit grew at a slightly lower rate of 6.3% to NIS 393.2 million, so that the gross profitability was maintained, with a slight erosion to 22.5% compared to 22.8%.
The erosion of profitability alongside an increase in expenses led to the company's operating profit falling by 7.9% to NIS 62.6 million and operating profitability eroded to 3.6% of sales, compared to 4.2% in the corresponding quarter last year. In the first nine months, the group's sales grew by 10.9% to NIS 5.43 billion and the net profit decreased by 5.9% to NIS 141.3 million, following the erosion of gross profitability to 22.6% of sales compared to 23.2% in the corresponding period last year.